<PAGE>
                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

================================================================================

                    TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                       Class A-1 1.07% Asset Backed Notes
                       Class A-2 1.40% Asset Backed Notes
                       Class A-3 1.90% Asset Backed Notes
                       Class A-4 2.50% Asset Backed Notes
                        Class B 8.00% Asset Backed Notes

                        ---------------------------------

                                    INDENTURE

                            Dated as of March 1, 2004

                       -----------------------------------

                               JPMORGAN CHASE BANK
                                Indenture Trustee

================================================================================
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                Page
                                                                                                ----
<S>                                                                                             <C>
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE .........................................     2

        SECTION 1.1  Definitions .............................................................     2
        SECTION 1.2  Incorporation by Reference of Trust Indenture Act .......................    10
        SECTION 1.3  Rules of Construction ...................................................    11

ARTICLE II THE NOTES .........................................................................    11

        SECTION 2.1  Form ....................................................................    11
        SECTION 2.2  Execution, Authentication and Delivery ..................................    11
        SECTION 2.3  Temporary Notes .........................................................    12
        SECTION 2.4  Registration; Registration of Transfer and Exchange .....................    12
        SECTION 2.5  Mutilated, Destroyed, Lost or Stolen Notes ..............................    15
        SECTION 2.6  Persons Deemed Owner ....................................................    15
        SECTION 2.7  Payment of Principal and Interest; Defaulted Interest ...................    16
        SECTION 2.8  Cancellation ............................................................    17
        SECTION 2.9  Release of Collateral ...................................................    17
        SECTION 2.10 Book-Entry Notes ........................................................    17
        SECTION 2.11 Notices to Clearing Agency ..............................................    18
        SECTION 2.12 Definitive Notes ........................................................    18

ARTICLE III COVENANTS, REPRESENTATIONS AND WARRANTIES ........................................    19

        SECTION 3.1  Payment of Principal and Interest .......................................    19
        SECTION 3.2  Maintenance of Office or Agency .........................................    19
        SECTION 3.3  Money for Payments to be Held in Trust ..................................    19
        SECTION 3.4  Existence ...............................................................    21
        SECTION 3.5  Protection of Trust Estate ..............................................    21
        SECTION 3.6  Opinions as to Trust Estate .............................................    22
        SECTION 3.7  Performance of Obligations; Servicing of Receivables ....................    22
        SECTION 3.8  Negative Covenants ......................................................    23
        SECTION 3.9  Annual Statement as to Compliance .......................................    24
        SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms ......................    24
        SECTION 3.11 Successor or Transferee .................................................    26
        SECTION 3.12 No Other Business .......................................................    26
        SECTION 3.13 No Borrowing ............................................................    27
        SECTION 3.14 Servicer's Obligations ..................................................    27
        SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities .......................    27
        SECTION 3.16 Capital Expenditures ....................................................    27
        SECTION 3.17 Compliance with Laws ....................................................    27
        SECTION 3.18 Restricted Payments .....................................................    27
        SECTION 3.19 Notice of Events of Default .............................................    27
        SECTION 3.20 Further Instruments and Acts ............................................    28
        SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust Agreement ..........    28
        SECTION 3.22 Income Tax Characterization .............................................    28
        SECTION 3.23 Representations and Warranties ..........................................    28

ARTICLE IV SATISFACTION AND DISCHARGE ........................................................    29

        SECTION 4.1  Satisfaction and Discharge of Indenture .................................    29
        SECTION 4.2  Application of Trust Money ..............................................    30
        SECTION 4.3  Repayment of Moneys Held by Note Paying Agent ...........................    30
</TABLE>


                                       i
<PAGE>
<TABLE>
<S>                                                                                               <C>
ARTICLE V REMEDIES ...........................................................................    31

        SECTION 5.1  Events of Default .......................................................    31
        SECTION 5.2  Rights Upon Event of Default ............................................    32
        SECTION 5.3  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee    33
        SECTION 5.4  Remedies ................................................................    35
        SECTION 5.5  Optional Preservation of the Receivables ................................    37
        SECTION 5.6  Priorities ..............................................................    37
        SECTION 5.7  Limitation of Suits .....................................................    38
        SECTION 5.8  Unconditional Rights of Noteholders To Receive Principal and Interest ...    39
        SECTION 5.9  Restoration of Rights and Remedies ......................................    39
        SECTION 5.10 Rights and Remedies Cumulative ..........................................    39
        SECTION 5.11 Delay or Omission Not a Waiver ..........................................    39
        SECTION 5.12 Control by Noteholders ..................................................    39
        SECTION 5.13 Waiver of Past Defaults .................................................    40
        SECTION 5.14 Undertaking for Costs ...................................................    40
        SECTION 5.15 Waiver of Stay or Extension Laws ........................................    40
        SECTION 5.16 Action on Notes .........................................................    41
        SECTION 5.17 Performance and Enforcement of Certain Obligations ......................    41

ARTICLE VI THE INDENTURE TRUSTEE .............................................................    41

        SECTION 6.1  Duties of Indenture Trustee .............................................    41
        SECTION 6.2  Rights of Indenture Trustee .............................................    43
        SECTION 6.3  Individual Rights of Indenture Trustee ..................................    45
        SECTION 6.4  Indenture Trustee's Disclaimer ..........................................    45
        SECTION 6.5  Notice of Defaults ......................................................    45
        SECTION 6.6  Reports by Indenture Trustee to Holders .................................    45
        SECTION 6.7  Compensation and Indemnity ..............................................    45
        SECTION 6.8  Replacement of Indenture Trustee ........................................    46
        SECTION 6.9  Successor Indenture Trustee by Merger ...................................    48
        SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee .......    48
        SECTION 6.11 Eligibility: Disqualification ...........................................    49
        SECTION 6.12 Preferential Collection of Claims Against Issuer ........................    49
        SECTION 6.13 Representations and Warranties of the Indenture Trustee .................    50
        SECTION 6.14 Waiver of Setoffs .......................................................    50
        SECTION 6.15 Control by the Controlling Party ........................................    50

ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS ...................................................    50

        SECTION 7.1  Issuer To Furnish To Indenture Trustee Names and Addresses of Noteholders    50
        SECTION 7.2  Preservation of Information; Communications to Noteholders ..............    51
        SECTION 7.3  Reports by Issuer .......................................................    51
        SECTION 7.4  Reports by Indenture Trustee ............................................    52

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES ............................................    52

        SECTION 8.1  Collection of Money .....................................................    52
        SECTION 8.2  Release of Trust Estate .................................................    52
        SECTION 8.3  Opinion of Counsel ......................................................    53

ARTICLE IX SUPPLEMENTAL INDENTURES ...........................................................    53

        SECTION 9.1  Supplemental Indentures Without Consent of Noteholders ..................    53
        SECTION 9.2  Supplemental Indentures with Consent of Noteholders .....................    54
        SECTION 9.3  Execution of Supplemental Indentures ....................................    55
        SECTION 9.4  Effect of Supplemental Indenture ........................................    56
        SECTION 9.5  Conformity With Trust Indenture Act .....................................    56
        SECTION 9.6  Reference in Notes to Supplemental Indentures ...........................    56
</TABLE>


                                       ii
<PAGE>
<TABLE>
<S>                                                                                               <C>
ARTICLE X REDEMPTION OF NOTES ................................................................    56

        SECTION 10.1 Redemption ..............................................................    56
        SECTION 10.2 Form of Redemption Notice ...............................................    57
        SECTION 10.3 Notes Payable on Redemption Date ........................................    57

ARTICLE XI MISCELLANEOUS .....................................................................    57

        SECTION 11.1 Compliance Certificates and Opinions, etc ...............................    57
        SECTION 11.2 Form of Documents Delivered to Indenture Trustee ........................    59
        SECTION 11.3 Acts of Noteholders .....................................................    60
        SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating Agencies .........    60
        SECTION 11.5 Notices to Noteholders; Waiver ..........................................    62
        SECTION 11.6 [Reserved] ..............................................................    62
        SECTION 11.7 Conflict with Trust Indenture Act .......................................    62
        SECTION 11.8 Effect of Headings and Table of Contents ................................    63
        SECTION 11.9 Successors and Assigns ..................................................    63
        SECTION 11.10 Separability ...........................................................    63
        SECTION 11.11 Benefits of Indenture ..................................................    63
        SECTION 11.12 Legal Holidays .........................................................    63
        SECTION 11.13 Governing Law ..........................................................    64
        SECTION 11.14 Counterparts ...........................................................    64
        SECTION 11.15 Recording of Indenture .................................................    64
        SECTION 11.16 Trust Obligation .......................................................    64
        SECTION 11.17 Limitation of Liability of Owner Trustee ...............................    64
        SECTION 11.18 No Petition ............................................................    65
        SECTION 11.19 Inspection .............................................................    65
        SECTION 11.20 Nonpublic Personal Information .........................................    65

EXHIBITS

        EXHIBIT A-1  Form of Class A-1 Note
        EXHIBIT A-2  Form of Class A-2 Note
        EXHIBIT A-3  Form of Class A-3 Note
        EXHIBIT A-4  Form of Class A-4 Note
        EXHIBIT B    Form of Class B Note
        EXHIBIT C    Form of Certificate as to Initial Purchase
        EXHIBIT D    Form of Qualified Institutional Buyer Transferee's
                     Certificate
</TABLE>


                                      iii
<PAGE>
                              CROSS-REFERENCE TABLE

            Cross-reference sheet showing the location in the Indenture of the
provisions inserted pursuant to Sections 310 through 318(a) inclusive of the
Trust Indenture Act of 1939.1

<TABLE>
<CAPTION>
              Trust Indenture Act of 1939                                            Indenture Section
              ---------------------------                                            -----------------
<S>                                                                                  <C>
Section 310
         (a) (1)................................................................           6.11
         (a) (2)................................................................           6.11
         (a) (3)................................................................           6.10
         (a) (4)................................................................      Not Applicable
         (a) (5)................................................................           6.11
         (b)....................................................................            6.9
         (c)....................................................................      Not Applicable
Section 311
         (a)....................................................................           6.12
         (b)....................................................................           6.12
         (c)....................................................................      Not Applicable
Section 312
         (a)....................................................................        7.1, 7.2(a)
         (b)....................................................................          7.2(b)
         (c)....................................................................          7.2(c)
Section 313
         (a)....................................................................          7.3(a)
         (b)....................................................................          7.3(a)
         (c)....................................................................        7.3(a), 7.4
         (d)....................................................................          7.3(a)
Section 314
         (a)(1).................................................................          7.3(a)
         (a)(2).................................................................          7.3(a)
         (a)(3).................................................................            8.2
         (a)(4).................................................................            8.2
         (b)(1).................................................................           11.1
         (b)(2).................................................................            3.6
         (c)(1).................................................................       4.1, 8.2, 11.1
         (c)(2)                                                                       4.1, 8.2, 11.1
         (c)(3).................................................................            8.2
         (d)(1).................................................................           11.1
         (d)(2).................................................................           11.1
         (d)(3).................................................................           11.1
         (e)....................................................................         11. 1(a)
</TABLE>

------------------
(1)  This Cross-Reference Table is not part of the Indenture.


                                       i
<PAGE>
<TABLE>
<S>                                                                                  <C>
Section 315
         (a)....................................................................     6.1(b), 6.1(c)(i)
         (b)....................................................................         6.5, 11.5
         (c)....................................................................          6.1(a)
         (d)(1).................................................................      6.1(b), 6.1(c)
         (d)(2).................................................................        6.1(c)(ii)
         (d)(3).................................................................        6.1(c)(iii)
         (e)....................................................................           5.14
Section 316
         (a)....................................................................            5.3
         (b)....................................................................            5.8
         (c)....................................................................         7.1, 10.2
Section 317
         (a)(1).................................................................            5.3
         (a)(2).................................................................            5.6
         (b)....................................................................            3.1
Section 318
         (a)....................................................................           11.7

</TABLE>

                                       ii
<PAGE>
            INDENTURE dated as of March 1, 2004, between TRIAD AUTOMOBILE
RECEIVABLES TRUST 2004-A, a Delaware statutory trust (the "Issuer"), and
JPMORGAN CHASE BANK, a New York banking corporation, as Indenture Trustee (the
"Indenture Trustee").

            Each party agrees as follows for the benefit of the other party and
for the benefit of the Holders of the Issuer's Class A-1 1.07% Asset Backed
Notes (the "Class A-1 Notes"), the Class A-2 1.40% Asset Backed Notes (the
"Class A-2 Notes"), the Class A-3 1.90% Asset Backed Notes (the "Class A-3
Notes), the Class A-4 2.50% Asset Backed Notes (the "Class A-4 Notes", and
collectively with the Class A-1 Notes, the Class A-2 Notes and the Class A-3
Notes, the "Class A Notes") and the Class B 8.00% Asset Backed Notes (the "Class
B Notes" and collectively with the Class A Notes, the "Notes").

            As security for the payment and performance by the Issuer of its
obligations under this Indenture and the Notes, the Issuer has agreed to assign
the Collateral (as defined below) as collateral to the Indenture Trustee on
behalf of the Noteholders and the Insurer.

            Ambac Assurance Corporation (the "Insurer") has issued and delivered
a financial guaranty insurance policy, dated the Closing Date (with
endorsements, the "Note Policy"), pursuant to which the Insurer guarantees
Policy Claim Amounts, as defined in the Note Policy.

            As an inducement to the Insurer to issue and deliver the Note
Policy, the Issuer and the Insurer have executed and delivered the Insurance and
Indemnity Agreement, dated as of March 18, 2004 (as amended from time to time,
the "Insurance Agreement"), among the Insurer, the Issuer, the Indenture
Trustee, Triad Financial Corporation and Triad Financial Special Purpose LLC.

            As an additional inducement to the Insurer to issue the Note Policy,
and as security for the performance by the Issuer of the Insurer Issuer Secured
Obligations and as security for the performance by the Issuer of the Indenture
Trustee Issuer Secured Obligations, the Issuer has agreed to assign the
Collateral (as defined below) as collateral to the Indenture Trustee for the
benefit of the Issuer Secured Parties, as their respective interests may appear.


                                       1
<PAGE>
                                 GRANTING CLAUSE

            The Issuer hereby Grants to the Indenture Trustee at the Closing
Date, for the benefit of the Issuer Secured Parties, all of the Issuer's right,
title and interest in and to (a) the Receivables; (b) an assignment of the
security interests in the Financed Vehicles granted by Obligors pursuant to the
Receivables and any other interest of the Issuer in the Financed Vehicles; (c)
with respect to the Receivables, the right to cause the related Dealer or
Third-Party Lender to repurchase such Receivables, as a result of a breach of
representation or warranty in the related Dealer Agreement or the related Auto
Loan Purchase and Sale Agreement, respectively; (d) all rights under any Service
Contracts on the related Financed Vehicles; (e) any proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Vehicles or Obligors; (f) the Trust
Accounts and all funds on deposit from time to time in the Trust Accounts, and
in all investments and proceeds thereof and all rights of the Issuer therein
(including all income thereon); (g) the Issuer's rights and benefits, but none
of its obligations or burdens, under the Purchase Agreement, including the
delivery requirements, representations and warranties and the cure and
repurchase obligations of Triad under the Purchase Agreement; (h) all items
contained in the Receivable Files and any and all other documents that Triad
keeps on file in accordance with its customary procedures relating to the
Receivables, the Obligors or the Financed Vehicles; (i) the Issuer's rights and
benefits, but none of its obligations or burdens, under the Sale and Servicing
Agreement (including all rights of the Depositor under the Purchase Agreement);
and (j) all present and future claims, demands, causes and choses of action in
respect of any or all of the foregoing and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all of the
foregoing, including all proceeds of the conversion, voluntary or involuntary,
into cash or other liquid property, all cash proceeds, accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts,
insurance proceeds, condemnation awards, rights to payment of any and every kind
and other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing (collectively, the "Collateral").

            The foregoing Grant is made in trust to the Indenture Trustee on
behalf of the Noteholders and for the benefit of the Insurer. The Indenture
Trustee hereby acknowledges such Grant, accepts the trusts under this Indenture
in accordance with the provisions of this Indenture and agrees to perform its
duties required in this Indenture to the end that the interests of such parties,
recognizing the priorities of their respective interests, may be adequately and
effectively protected.

                                   ARTICLE I

                   Definitions and Incorporation by Reference

            SECTION 1.1 Definitions. Except as otherwise specified herein, the
following terms have the respective meanings set forth below for all purposes of
this Indenture.

            "Act" has the meaning specified in Section 11.3(a).


                                       2
<PAGE>
            "Affiliate" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "control" when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. A Person will not be
deemed to be an Affiliate of any person solely because such other Person has the
contractual right or obligation to manage such Person unless such other Person
controls such Person through equity ownership or otherwise.

            "Authorized Officer" means, with respect to the Issuer and the
Servicer, any officer or agent acting pursuant to a power of attorney of the
Owner Trustee or the Servicer, as applicable, who is authorized to act for the
Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer
or the Servicer, as applicable, and who is identified on the list of Authorized
Officers delivered by each of the Owner Trustee and the Servicer to the
Indenture Trustee on the Closing Date (as such list may be modified or
supplemented from time to time thereafter).

            "Basic Documents" means this Indenture, the Certificate of Trust,
the Trust Agreement, the Sale and Servicing Agreement, the Insurance Agreement,
the Purchase Agreement and other documents and certificates delivered in
connection therewith.

            "Benefit Plan Entity" has the meaning specified in Section 2.4.

            "Book-Entry Notes" means a beneficial interest in the Notes,
ownership and transfers of which will be made through book entries by a Clearing
Agency as described in Section 2.10. The Class A Notes will initially be
Book-Entry Notes.

            "Business Day" means a day other than a Saturday, a Sunday or other
day on which commercial banks located in the states of Delaware, California or
New York are authorized or obligated to be closed.

            "Certificate" means a trust certificate evidencing the beneficial
interest of a Certificateholder in the Trust.

            "Certificateholder" means the Person in whose name a Certificate is
registered on the Certificate Register.

            "Certificate of Trust" means the certificate of trust of the Issuer
substantially in the form of Exhibit B to the Trust Agreement.

            "Class A Notes" means, collectively, the Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

            "Class A-1 Interest Rate" means 1.07% per annum (computed on the
basis of a 360-day year and the actual number of days in the related Interest
Period).


                                       3
<PAGE>
            "Class A-1 Notes" means the Class A-1 1.07% Asset Backed Notes,
substantially in the form of Exhibit A-1.

            "Class A-2 Interest Rate" means 1.40% per annum (computed on the
basis of a 360-day year of twelve 30-day months).

            "Class A-2 Notes" means the Class A-2 1.40% Asset Backed Notes,
substantially in the form of Exhibit A-2.

            "Class A-3 Interest Rate" means 1.90% per annum (computed on the
basis of a 360-day year of twelve 30-day months).

            "Class A-3 Notes" means the Class A-3 1.90% Asset Backed Notes,
substantially in the form of Exhibit A-3.

            "Class A-4 Interest Rate" means 2.50% per annum (computed on the
basis of a 360-day year of twelve 30-day months).

            "Class A-4 Notes" means the Class A-4 2.50% Asset Backed Notes,
substantially in the form of Exhibit A-4.

            "Class B Interest Rate" means 8.00% per annum (computed on the basis
of a 360-day year of twelve 30-day months).

            "Class B Notes" means the Class B 8.00% Asset Backed Notes,
substantially in the form of Exhibit B.

            "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

            "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

            "Closing Date" means March 18, 2004.

            "Code" means the Internal Revenue Code of 1986, as amended from time
to time, and Treasury Regulations promulgated thereunder.

            "Collateral" has the meaning specified in the Granting Clause of
this Indenture.

            "Controlling Party" means the Insurer, provided that if (i) an
Insurer Default has occurred and is continuing or (ii) all amounts payable to
the Class A Noteholders under this Indenture and the Insurer under the Insurance
Agreement have been paid in full, then the Controlling Party means the Indenture
Trustee acting at the direction of the Majority Noteholders.


                                       4
<PAGE>
            "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business will be
administered which office at the date of the execution of this Agreement is
located at 4 New York Plaza, 6th Floor, New York, New York 10004-2477 (facsimile
number (212) 623-5930), Attention: Institutional Trust Services-Triad 2004-A, or
at such other address as the Indenture Trustee may designate from time to time
by notice to the Noteholders, the Insurer, the Servicer and the Issuer, or the
principal corporate trust office of any successor Indenture Trustee (the address
of which the successor Indenture Trustee will notify the Noteholders, the
Insurer, the Servicer and the Issuer).

            "Default" means any occurrence that is, or with notice or the lapse
of time or both would become, an Event of Default.

            "Definitive Notes" has the meaning specified in Section 2.10. The
Class B Notes will initially be Definitive Notes.

            "Distribution Date" means, with respect to each Collection Period,
the 12th day of the following Collection Period, or, if such day is not a
Business Day, the immediately following Business Day, commencing April 12, 2004.

            "ERISA" has the meaning specified in Section 2.4.

            "Event of Default" has the meaning specified in Section 5.1.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

            "Executive Officer" means, with respect to any corporation, the
Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, any Executive Vice President, any Vice President, the Secretary or
the Treasurer of such corporation; and with respect to any partnership, any
general partner thereof.

            "Grant" means mortgage, pledge, bargain, warrant, alienate, remise,
release, convey, assign, transfer, create, grant a lien upon and a security
interest in and right of set-off against, deposit, set over and confirm pursuant
to this Indenture. A Grant of the Collateral or of any other agreement or
instrument will include all rights, powers and options (but none of the
obligations) of the Granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
proceedings in the name of the Granting party or otherwise and generally to do
and receive anything that the Granting party is or may be entitled to do or
receive thereunder or with respect thereto.

            "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

            "Indebtedness" means, with respect to any Person at any time, (a)
indebtedness or liability of such Person for borrowed money whether or not
evidenced by bonds, debentures, notes or other instruments, or for the deferred
purchase price of property or services (including


                                       5
<PAGE>
trade obligations); (b) obligations of such Person as lessee under leases which
should have been or should be, in accordance with generally accepted accounting
principles, recorded as capital leases; (c) current liabilities of such Person
in respect of unfunded vested benefits under plans covered by Title IV of ERISA;
(d) obligations issued for or liabilities incurred on the account of such
Person; (e) obligations or liabilities of such Person arising under acceptance
facilities; (f) obligations of such Person under any guarantees, endorsements
(other than for collection or deposit in the ordinary course of business) and
other contingent obligations to purchase, to provide funds for payment, to
supply funds to invest in any Person or otherwise to assure a creditor against
loss; (g) obligations secured by any lien on property or assets of such Person,
whether or not the obligations have been assumed by such Person; or (h)
obligations of such Person under any interest rate or currency exchange
agreement.

            "Indenture" means this Indenture as amended and supplemented from
time to time.

            "Indenture Trustee" means JPMorgan Chase Bank, a New York banking
corporation, not in its individual capacity but as Indenture Trustee under this
Indenture, or any successor Indenture Trustee under this Indenture.

            "Indenture Trustee Issuer Secured Obligations" means all amounts and
obligations which the Issuer may at any time owe to or on behalf of the
Indenture Trustee for the benefit of the Noteholders under this Indenture, the
Notes or any Basic Document.

            "Independent" means, when used with respect to any specified Person,
that the person (a) is in fact independent of the Issuer, any other obligor upon
the Notes, the Depositor and any Affiliate of any of the foregoing persons, (b)
does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Depositor or any Affiliate
of any of the foregoing Persons and (c) is not connected with the Issuer, any
such other obligor, the Depositor or any Affiliate of any of the foregoing
Persons as an officer, employee, promoter, underwriter, trustee, partner,
director or Person performing similar functions.

            "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1, prepared
by an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Indenture Trustee in the exercise of reasonable care, and such
opinion or certificate will state that the signer has read the definition of
"Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

            "Insurer Default" means the occurrence and continuance of any of the
following events:

      (a)   the Insurer failing to make a payment required under the Note Policy
            in accordance with its terms;

      (b)   the Insurer (i) filing a petition or commencing any case or
            proceeding under any provision or chapter of the United States
            Bankruptcy Code or any other similar federal or state law relating
            to insolvency, bankruptcy, rehabilitation, liquidation


                                       6
<PAGE>
            or reorganization, (ii) making a general assignment for the benefit
            of its creditors, or (iii) having an order for relief entered
            against it under the United States Bankruptcy Code or any other
            similar federal or state law relating to insolvency, bankruptcy,
            rehabilitation, liquidation or reorganization which is final and
            nonappealable; or

      (c)   a court of competent jurisdiction, the Wisconsin Department of
            Insurance or other competent regulatory authority has entered a
            final and nonappealable order, judgment or decree (i) appointing a
            custodian, trustee, agent or receiver for the Insurer or for all or
            any material portion of its property or (ii) authorizing the taking
            of possession of all or any material portion of the property of the
            Insurer by a custodian, trustee, agent or receiver.

            "Insurer Issuer Secured Obligations" means all amounts and
obligations which the Issuer may at any time owe to or on behalf of the Insurer
under this Indenture, the Insurance Agreement or any other Basic Document.

            "Interest Rate" means, with respect to the (i) Class A-1 Notes, the
Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate,
(iii) Class A-3 Notes, the Class A-3 Interest Rate, (iv) Class A-4 Notes, the
Class A-4 Interest Rate and (v) Class B Notes, the Class B Interest Rate.

            "Issuer" means the party named as such in this Indenture until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein and required by the TIA, each other obligor on
the Notes.

            "Issuer Order" and "Issuer Request" means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Indenture Trustee.

            "Issuer Secured Obligations" means the Insurer Issuer Secured
Obligations and the Indenture Trustee Issuer Secured Obligations.

            "Issuer Secured Parties" means each of the Indenture Trustee in
respect of the Indenture Trustee Issuer Secured Obligations and the Insurer in
respect of the Insurer Issuer Secured Obligations.

            "Majority Noteholders" means (i) if only the Class A Notes are
Outstanding, the holders of a majority of the Class A Notes, measured by
Outstanding Amount; (ii) if only the Class B Notes are Outstanding, the holders
of a majority of the Class B Notes, measured by Outstanding Amount; or (iii) if
both Class A and Class B Notes are Outstanding, the holders of a majority of the
Class A Notes and Class B Notes together, measured by Outstanding Amount.

            "Note" means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note, a
Class A-4 Note or a Class B Note.

            "Note Owner" means, with respect to a Book-Entry Note, the person
who is the owner of such Book-Entry Note, as reflected on the books of the
Clearing Agency, or on the books of a Person maintaining an account with such
Clearing Agency (directly as a Clearing


                                       7
<PAGE>
Agency Participant or as an indirect participant, in each case in accordance
with the rules of such Clearing Agency).

            "Note Paying Agent" means the Indenture Trustee or any other Person
that meets the eligibility standards for the Indenture Trustee specified in
Section 6.11 and is authorized by the Issuer to make the payments to and
distributions from the Collection Account and the Note Distribution Account,
including payment of principal of or interest on the Notes on behalf of the
Issuer.

            "Note Policy" means the insurance policy issued by the Insurer with
respect to the Class A Notes, including any endorsements thereto.

            "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.4.

            "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 and TIA Section 314
(unless signed by the Owner Trustee on behalf of the Issuer), and delivered to
the Indenture Trustee. Unless otherwise specified, any reference in this
Indenture to an Officer's Certificate will be to an Officer's Certificate of any
Authorized Officer of the Issuer.

            "Opinion of Counsel" means one or more written opinions of counsel
who may, except as otherwise expressly provided in this Indenture, be employees
of or counsel to the Issuer and who is satisfactory to the Indenture Trustee
and, if addressed to the Insurer, satisfactory to the Insurer, and which will
comply with any applicable requirements of Section 11.1, and will be in form and
substance satisfactory to the Indenture Trustee, and if addressed to the
Insurer, satisfactory to the Insurer.

            "Outstanding" means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture except:

            (i) Notes theretofore canceled by the Note Registrar or delivered to
      the Note Registrar for cancellation;

            (ii) Notes or portions thereof the payment for which money in the
      necessary amount has been theretofore deposited with the Indenture Trustee
      or any Note Paying Agent in trust for the Noteholders (provided, however,
      that if such Notes are to be redeemed, notice of such redemption has been
      duly given pursuant to this Indenture or provision therefor, satisfactory
      to the Indenture Trustee); and

            (iii) Notes in exchange for or in lieu of other Notes which have
      been authenticated and delivered pursuant to this Indenture unless proof
      satisfactory to the Indenture Trustee is presented that any such Notes are
      held by a bona fide purchaser;

provided, however, that Class A Notes which have been paid with proceeds of the
Note Policy will continue to remain Outstanding for purposes of this Indenture
until the Insurer has been paid as subrogee hereunder or reimbursed pursuant to
the Insurance Agreement as evidenced by a


                                       8
<PAGE>
written notice from the Insurer delivered to the Indenture Trustee, and the
Insurer will be deemed to be the Holder thereof to the extent of any payments
thereon made by the Insurer; provided, further, that in determining whether the
Holders of the requisite Outstanding Amount of the Notes have given any request,
demand, authorization, direction, notice, consent or waiver hereunder or under
any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes,
the Depositor, the Servicer or any Affiliate of any of the foregoing Persons
will be disregarded and deemed not to be Outstanding, except that, in
determining whether the Indenture Trustee will be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Notes that a Responsible Officer of the Indenture Trustee either actually knows
to be so owned or has received written notice thereof will be so disregarded.
Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Depositor or
any Affiliate of any of the foregoing Persons.

            "Outstanding Amount" means the aggregate principal amount of all
Notes, or class of Notes, as applicable, Outstanding at the date of
determination.

            "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.5 in lieu of a mutilated, lost,
destroyed or stolen Note will be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

            "Proceeding" means any suit in equity, action at law or other
judicial or administrative proceeding.

            "Rating Agency Condition" means, with respect to any action, that
each Rating Agency has been given 10 days (or such shorter period as will be
acceptable to each Rating Agency) prior notice thereof and that each of the
Rating Agencies has notified the Depositor, the Servicer, the Insurer, the
Indenture Trustee, the Owner Trustee and the Issuer in writing that such action
will not result in a reduction or withdrawal of the then current rating of the
Notes.

            "Record Date" means, with respect to a Distribution Date, Redemption
Date or other date of determination, the close of business on the Business Day
immediately preceding such Distribution Date, Redemption Date or other date of
determination.

            "Redemption Date" means in the case of a redemption of the Notes
pursuant to Section 10.1(a), the Distribution Date specified by the Servicer or
the Issuer pursuant to Section 10.1(a).

            "Redemption Price" means in the case of a redemption of the Notes
pursuant to Section 10.1(a), an amount equal to the then outstanding principal
amount of each class of Notes being redeemed plus accrued and unpaid interest
thereon to but excluding the Redemption Date.

            "Responsible Officer" means, with respect to the Indenture Trustee,
any officer within the Corporate Trust Office of the Indenture Trustee,
including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary, Trust Officer or any other


                                       9
<PAGE>
officer of the Indenture Trustee customarily performing functions similar to
those performed by any of the above designated officers and in each case, having
direct responsibility for the administration of this agreement, and also, with
respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

            "Sale and Servicing Agreement" means the Sale and Servicing
Agreement dated as of March 1, 2004, among the Issuer, the Depositor, the
Custodian, the Servicer, the Indenture Trustee and the Backup Servicer, as the
same may be amended or supplemented from time to time.

            "Scheduled Payments" has the meaning specified in the Note Policy.

            "State" means any one of the 50 states of the United States of
America or the District of Columbia.

            "Termination Date" means the latest of (i) the expiration of the
Note Policy and the return of the Note Policy to the Insurer for cancellation,
(ii) the date on which the Insurer has received payment and performance of all
Insurer Issuer Secured Obligations and (iii) the date on which the Indenture
Trustee has received payment and performance of all Indenture Trustee Issuer
Secured Obligations.

            "Trust Estate" means all money, instruments, rights and other
property that are subject or intended to be subject to the lien and security
interest of this Indenture for the benefit of the Noteholders (including all
property and interests Granted to the Indenture Trustee), including all proceeds
thereof.

            "Trust Indenture Act" or "TIA" means the Trust Indenture Act of
1939, as amended and as in force on the date hereof, unless otherwise
specifically provided.

            "UCC" means, unless the context otherwise requires, the Uniform
Commercial Code, as in effect in the relevant jurisdiction, as amended from time
to time.

            Capitalized terms used herein and not otherwise defined herein have
the meanings assigned to them in the Sale and Servicing Agreement or the Trust
Agreement.

            SECTION 1.2 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

            "Commission" means the Securities and Exchange Commission.

            "indenture securities" means the Notes.

            "indenture security holder" means a Noteholder.

            "indenture to be qualified" means this Indenture.


                                       10
<PAGE>
            "trustee" or "institutional trustee" means the Indenture Trustee.

            "obligor" on the indenture securities means the Issuer.

            All other TIA terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission rule
have the meaning assigned to them by such definitions.

            SECTION 1.3 Rules of Construction. Unless the context otherwise
requires:

                  (i) a term has the meaning assigned to it;

                  (ii) an accounting term not otherwise defined has the meaning
            assigned to it in accordance with U.S. generally accepted accounting
            principles as in effect on the date of this Agreement;

                  (iii) "or" is not exclusive;

                  (iv) "including" means including without limitation; and

                  (v) words in the singular include the plural and words in the
            plural include the singular.

                                   ARTICLE II

                                    The Notes

            SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case
together with the Indenture Trustee's certificate of authentication, will be in
substantially the form set forth in Exhibits A-1, A-2, A-3, A-4 and B,
respectively, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

            The Definitive Notes will be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

            Each Note will be dated the date of its authentication. The terms of
the Notes set forth in Exhibits A-1, A-2, A-3, A-4 and B are part of the terms
of this Indenture.

            SECTION 2.2 Execution, Authentication and Delivery. The Notes will
be executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.


                                       11
<PAGE>
            Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer will bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

            The Indenture Trustee will, upon receipt of the Note Policy and
Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an
aggregate principal amount of $124,000,000, Class A-2 Notes for original issue
in an aggregate principal amount of $228,000,000, Class A-3 Notes for original
issue in an aggregate principal amount of $110,000,000, Class A-4 Notes for
original issue in an aggregate principal amount of $208,250,000 and Class B
Notes for original issue in an aggregate principal amount of $66,295,272. The
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B
Notes outstanding at any time may not exceed such amounts except as provided in
Section 2.5.

            The Notes will be issuable as registered Notes in the minimum
denomination of $1,000 and in integral multiples thereof (except for one Note of
each class which may be issued in a denomination other than an integral multiple
of $1,000).

            No Note will be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note will be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

            SECTION 2.3 Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee will authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

            If temporary Notes are issued, the Issuer will cause Definitive
Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes will be exchangeable for Definitive Notes
upon surrender of the temporary Notes at the office or agency of the Issuer to
be maintained as provided in Section 3.2, without charge to the Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer will
execute and the Indenture Trustee will authenticate and deliver in exchange
therefor a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes will in all respects be
entitled to the same benefits under this Indenture as Definitive Notes.

            SECTION 2.4 Registration; Registration of Transfer and Exchange. The
Issuer will cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer will provide for
the registration of Notes and the registration of transfers of Notes. The
Indenture Trustee will be "Note Registrar" for the purpose


                                       12
<PAGE>
of registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuer will promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note
Registrar.

            If a Person other than the Indenture Trustee is appointed by the
Issuer as Note Registrar, the Issuer will give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location,
and any change in the location, of the Note Register, and the Indenture Trustee
will have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee will have the right to
conclusively rely upon a certificate executed on behalf of the Note Registrar by
an Executive Officer thereof as to the names and addresses of the Noteholders of
the Notes and the principal amounts and number of such Notes.

            Subject to Sections 2.10 and 2.12, upon surrender for registration
of transfer of any Note at the office or agency of the Issuer to be maintained
as provided in Section 3.2, if the requirements of Section 8-401(a)(1) of the
UCC are met the Issuer will execute and upon its request the Indenture Trustee
will authenticate and the Noteholder will obtain from the Indenture Trustee, in
the name of the designated transferee or transferees, one or more new Notes, in
any authorized denominations, of the same class and a like aggregate principal
amount.

            At the option of the Noteholder, Notes may be exchanged for other
Notes in any authorized denominations, of the same class and a like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office or
agency. Whenever any Notes are so surrendered for exchange, subject to Sections
2.10 and 2.12, if the requirements of Section 8-401(a)(1) of the UCC are met the
Issuer will execute and upon its request the Indenture Trustee will authenticate
and the Noteholder will obtain from the Indenture Trustee, the Notes which the
Noteholder making the exchange is entitled to receive.

            All Notes issued upon any registration of transfer or exchange of
Notes will be the valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

            No transfer of a Class B Note will be made unless (I) such transfer
(i) is made pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws or (ii) is exempt from the
registration requirements under the Securities Act and such state securities
laws, and (II) such transfer is to a Person that satisfies the requirements of
paragraph (a)(2)(ii) of Rule 3a-7 as then in effect or any successor rule ("Rule
3a-7") under the Investment Company Act. Each prospective purchaser of the Class
B Notes in the initial sale by the Issuer on the Closing Date will deliver a
completed and duly executed transferee's certificate (in the form of Exhibit C)
to the Indenture Trustee. Thereafter, each prospective purchaser of a Class B
Note will deliver a completed and duly executed transferee's certificate (in the
form of Exhibit D for "qualified institutional buyers"), to the Indenture
Trustee and to the transferor for inspection prior to effecting any requested
transfer. The Issuer and the Indenture Trustee may rely conclusively upon the
information contained in any such transferee's certificate in the absence of
knowledge to the contrary. In connection with any transfer of a Class B Note
(other than (i) the initial purchase of any Class B Note by the initial
purchasers who deliver a transferee's certificate in the form of Exhibit C and
(ii) the purchase of any Class B Note by a

                                       13
<PAGE>
purchaser who delivers a transferee's certificate in the form of Exhibit D), the
Indenture Trustee will require an Opinion of Counsel to the effect that such
transfer may be effected without registration under the Securities Act, which
Opinion of Counsel, if so required, will be addressed to the Issuer and the
Indenture Trustee and will be secured at the expense of the Holder. The
Indenture Trustee may rely upon the representation of any transferee made to the
Indenture Trustee, and upon such Opinion of Counsel, and will be fully protected
in so doing. Any Note Owners of the Class B Notes will be deemed to have agreed
to these restrictions on transfer.

            In order to preserve the exemption for resales and transfers
provided by Rule 144A under the Securities Act, the Issuer will provide to any
Class B Noteholder and any prospective purchaser designated by such Class B
Noteholder, upon request of such Class B Noteholder or such prospective
purchaser, such information required by Rule 144A as will enable the resale of
such Class B Note to be made pursuant to Rule 144A. The Indenture Trustee will
cooperate with the Issuer in providing the Issuer such information regarding the
Class B Notes, the Receivables and other matters regarding the Class B Notes as
the Issuer will reasonably request to meet its obligations under the preceding
sentence.

            Every Note presented or surrendered for registration of transfer or
exchange will be (i) duly endorsed by, or be accompanied by a written instrument
of transfer in the form attached to Exhibits A-1, A-2, A-3, A-4 and B duly
executed by, the Holder thereof or such Holder's attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Indenture Trustee may require.

            Notwithstanding the foregoing, in the case of any sale or other
transfer of a Definitive Note, the transferor of such Definitive Note will be
required to represent and warrant in writing that the prospective transferee
either (a) is not (i) an employee benefit plan (as defined in section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA")),
which is subject to the provisions of Title I of ERISA, (ii) a plan (as defined
in section 4975(e)(1) of the Code), which is subject to Section 4975 of the
Code, or (iii) an entity whose underlying assets are deemed to be assets of a
plan described in (i) or (ii) above by reason of such plan's investment in the
entity (including, without limitation, an insurance company general account)
(any such entity described in clauses (i) through (iii), a "Benefit Plan
Entity") or (b) is a Benefit Plan Entity, which is purchasing a Class A Note and
the acquisition and holding of such Definitive Note by such prospective
transferee will be eligible for, and satisfy all requirements of, a Department
of Labor prohibited transaction class exemption. Each transferee of a Book-Entry
Note will be deemed to have made one of the foregoing representations.

            No service charge will be made to a Noteholder for any registration
of transfer or exchange of Notes, but the Note Registrar may require payment of
a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Notes,
other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.


                                       14
<PAGE>
            The preceding provisions of this Sections 2.4 notwithstanding, the
Issuer will not be required to make and the Note Registrar will not register
transfers or exchanges of Notes selected for redemption or of any Note for a
period of 15 days preceding the due date for any payment with respect to the
Note.

            SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee and the Insurer
(unless an Insurer Default has occurred and is continuing) such security or
indemnity as may be required by it to hold the Issuer, the Indenture Trustee and
the Insurer harmless, then, in the absence of notice to the Issuer, the Note
Registrar or the Indenture Trustee that such Note has been acquired by a bona
fide purchaser, and provided that the requirements of Section 8-405 of the UCC
are met, the Issuer will execute and upon its request the Indenture Trustee will
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; provided, however, that if
any such destroyed, lost or stolen Note, but not a mutilated Note, has become or
within seven days will be due and payable, or has been called for redemption,
instead of issuing a replacement Note, the Issuer may direct the Indenture
Trustee, in writing, to pay such destroyed, lost or stolen Note when so due or
payable or upon the Redemption Date without surrender thereof. If, after the
delivery of such replacement Note or payment of a destroyed, lost or stolen Note
pursuant to the proviso to the preceding sentence, a bona fide purchaser of the
original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer, the Indenture Trustee and the Insurer
will be entitled to recover such replacement Note (or such payment) from the
Person to whom it was delivered or any Person taking such replacement Note from
such Person to whom such replacement Note was delivered or any assignee of such
Person, except a bona fide purchaser, and will be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost
or expense incurred by the Issuer or the Indenture Trustee in connection
therewith.

            Upon the issuance of any replacement Note under this Section 2.5,
the Issuer may require the payment by the Holder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses (including the fees and
expenses of the Indenture Trustee) connected therewith.

            Every replacement Note issued pursuant to this Section 2.5 in
replacement of any mutilated, destroyed, lost or stolen Note will constitute an
original additional contractual obligation of the Issuer, whether or not the
mutilated, destroyed, lost or stolen Note will be at any time enforceable by
anyone, and will be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

            The provisions of this Section 2.5 are exclusive and will preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes.

            SECTION 2.6 Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, any
agent of the Issuer or the Indenture Trustee, and the Insurer may treat the
Person in whose name any Note is registered


                                       15
<PAGE>
(as of the Record Date) as the owner of such Note for the purpose of receiving
payments of principal of and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note be overdue, and none of the
Issuer, the Insurer, the Indenture Trustee nor any agent of the Issuer or the
Indenture Trustee will be affected by notice to the contrary.

            SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.

            (a) The Notes will accrue interest as provided in the forms of the
Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class A-4 Note and
the Class B Note set forth in Exhibits A-1, A-2, A-3, A-4 and B, respectively,
and such interest will be due and payable on each Distribution Date, as
specified therein. Any installment of interest or principal, if any, payable on
any Note which is punctually paid or duly provided for by the Issuer on the
applicable Distribution Date will be paid to the Person in whose name such Note
(or one or more Predecessor Notes) is registered on the Record Date, by wire
transfer or check mailed first-class, postage prepaid, to such Person's address
as it appears on the Note Register on such Record Date, except that, unless
Definitive Notes have been issued pursuant to Section 2.12, with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payment will be made by wire
transfer in immediately available funds to the account designated by such
nominee and except for the final installment of principal payable with respect
to such Note on a Distribution Date or on the applicable Final Scheduled
Distribution Date (and except for the Redemption Price for any Note called for
redemption pursuant to Section 10.1(a)) which will be payable as provided below.
The funds represented by any such checks returned undelivered will be held in
accordance with Section 3.3.

            (b) The principal of each Note will be payable in installments on
each Distribution Date, as applicable, as provided in the forms of the Class A-1
Note, the Class A-2 Note, the Class A-3 Note, the Class A-4 Note and the Class B
Note set forth in Exhibits A-1, A-2, A-3, A-4 and B, respectively.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
will be due and payable, if not previously paid, on the date on which an Event
of Default has occurred and is continuing, and the Notes have been declared
immediately due and payable in the manner provided in Section 5.2. All principal
payments on each class of Notes will be made pro rata to the Noteholders of such
class entitled thereto. Upon written notice from the Issuer, the Indenture
Trustee will notify the Person in whose name a Note is registered at the close
of business on the Record Date preceding the Distribution Date on which the
Issuer expects that the final installment of principal of and interest on such
Note will be paid. Such notice will be mailed or transmitted by facsimile prior
to such final Distribution Date and will specify that such final installment
will be payable only upon presentation and surrender of such Note and will
specify the place where such Note may be presented and surrendered for payment
of such installment. Notices in connection with redemptions of Notes will be
mailed to Noteholders as provided in Section 10.2.

            (c) Promptly following the date on which all principal of and
interest on the Notes has been paid in full and the Notes have been surrendered
to the Indenture Trustee, the Indenture Trustee will, if the Insurer has paid
any amount in respect of the Notes under the Note Policy or otherwise which has
not been reimbursed to it, deliver such surrendered Notes to the Insurer.


                                       16
<PAGE>
            SECTION 2.8 Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption will, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and will be promptly canceled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered will be promptly canceled by the
Indenture Trustee. No Notes will be authenticated in lieu of or in exchange for
any Notes canceled as provided in this Section, except as expressly permitted by
this Indenture. All canceled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer will timely direct by an Issuer Order that
they be destroyed or returned to it; provided that such Issuer Order is timely
and the Notes have not been previously disposed of by the Indenture Trustee.

            SECTION 2.9 Release of Collateral. The Indenture Trustee will, on or
after the Termination Date, release any remaining portion of the Trust Estate
from the lien created by this Indenture and deposit in the Collection Account
any funds then on deposit in any other Trust Account. The Indenture Trustee will
release property from the lien created by this Indenture pursuant to this
Section 2.9 only upon receipt of an Issuer Request accompanied by an Officer's
Certificate, an Opinion of Counsel and (if required by the TIA) Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting
the applicable requirements of Section 11.1.

            SECTION 2.10 Book-Entry Notes. The Class A Notes, upon original
issuance, will be issued in the form of typewritten Notes representing the
Book-Entry Notes, to be delivered to the Indenture Trustee on behalf of The
Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the
Issuer. Such Notes will initially be registered on the Note Register in the name
of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner
will receive a Definitive Note representing such Note Owner's interest in such
Note, except as provided in Section 2.12. The Class B Notes will, upon original
issuance, be issued in the form of Definitive Notes to be delivered to the order
of the Depositor. With respect to the Book-Entry Notes, unless and until
definitive, fully registered Notes (the "Definitive Notes") have been issued to
Note Owners pursuant to Section 2.12:

            (i) the provisions of this Section 2.10 will be in full force and
      effect;

            (ii) the Note Registrar and the Indenture Trustee will be entitled
      to deal with the Clearing Agency for all purposes of this Indenture
      (including the payment of principal of and interest on the Notes and the
      giving of instructions or directions hereunder) as the sole Holder of the
      Notes, and has no obligation to the Note Owners;

            (iii) to the extent that the provisions of this Section 2.10
      conflict with any other provisions of this Indenture, the provisions of
      this Section will control;

            (iv) the rights of Note Owners will be exercised only through the
      Clearing Agency and will be limited to those established by law and
      agreements between such Note Owners and the Clearing Agency and/or the
      Clearing Agency Participants. Unless and until Definitive Notes are issued
      pursuant to Section 2.12, the initial Clearing Agency


                                       17
<PAGE>
      will make book-entry transfers among the Clearing Agency Participants and
      receive and transmit payments of principal of and interest on the Notes to
      such Clearing Agency Participants;

            (v) whenever this Indenture requires or permits actions to be taken
      based upon instructions or directions of Noteholders evidencing a
      specified percentage of the Outstanding Amount of the Notes, the Clearing
      Agency will be deemed to represent such percentage only to the extent that
      it has received instructions to such effect from Note Owners and/or
      Clearing Agency Participants owning or representing, respectively, such
      required percentage of the beneficial interest in the Notes and has
      delivered such instructions to the Indenture Trustee; and

            (vi) Note Owners may receive copies of any reports sent to
      Noteholders pursuant to this Indenture, upon written request, together
      with a certification that they are Note Owners and payment of reproduction
      and postage expenses associated with the distribution of such reports,
      from the Indenture Trustee at the Corporate Trust Office.

            SECTION 2.11 Notices to Clearing Agency. With respect to the
Book-Entry Notes, whenever a notice or other communication to the Noteholders is
required under this Indenture, unless and until Definitive Notes have been
issued to Note Owners pursuant to Section 2.12, the Indenture Trustee will give
all such notices and communications specified herein to be given to the
Noteholders to the Clearing Agency, and has no obligation to the Note Owners.

            SECTION 2.12 Definitive Notes. If (i) the Servicer advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes, and the Servicer is unable to locate a qualified successor, (ii) the
Servicer at its option advises the Indenture Trustee in writing that it elects
to terminate the book-entry system through the Clearing Agency or (iii) after
the occurrence of an Event of Default, Note Owners representing beneficial
interests aggregating at least a majority of the Outstanding Amount of the
Book-Entry Notes advise the Indenture Trustee through the Clearing Agency in
writing that the continuation of a book-entry system through the Clearing Agency
is no longer in the best interests of the Owners of the Book-Entry Notes, then
the Clearing Agency will notify all Owners of Book-Entry Notes and the Indenture
Trustee of the occurrence of any such event and of the availability of
Definitive Notes to such Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Note or Notes representing the Book-Entry
Notes by the Clearing Agency, accompanied by registration instructions, the
Issuer will execute and the Indenture Trustee will authenticate the Definitive
Notes in accordance with the instructions of the Clearing Agency. None of the
Issuer, the Note Registrar or the Indenture Trustee will be liable for any delay
in delivery of such instructions and may conclusively rely on, and will be fully
protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee will recognize the Holders of the Definitive Notes
as Noteholders.


                                       18
<PAGE>
                                  ARTICLE III

                    Covenants, Representations and Warranties

            SECTION 3.1 Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest on the Notes in accordance with
the terms of the Notes and this Indenture. Without limiting the foregoing, the
Issuer will cause to be distributed all amounts on deposit in the Note
Distribution Account on a Distribution Date deposited therein pursuant to the
Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to
Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to Class A-2
Noteholders, (iii) for the benefit of the Class A-3 Notes, to Class A-3
Noteholders, (iv) for the benefit of the Class A-4 Notes, to Class A-4
Noteholders and (v) for the benefit of the Class B Notes, to the Class B
Noteholders. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal will be considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

            SECTION 3.2 Maintenance of Office or Agency. The Issuer will
maintain in New York, New York, an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Indenture Trustee to serve as
its agent for the foregoing purposes. The Issuer will give prompt written notice
to the Indenture Trustee of the location, and of any change in the location, of
any such office or agency. If at any time the Issuer will fail to maintain any
such office or agency or will fail to furnish the Indenture Trustee with the
address thereof, such surrenders, notices and demands may be made or served at
the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
as its agent to receive all such surrenders, notices and demands.

            SECTION 3.3 Money for Payments to be Held in Trust. On or before
each Distribution Date and Redemption Date, the Issuer will deposit or cause to
be deposited in the Note Distribution Account from the Collection Account (and
cause all other transfers to and from the accounts provided for herein to be
made) an aggregate sum sufficient to pay the amounts then becoming due under the
Notes, such sum to be held in trust for the benefit of the Persons entitled
thereto and (unless the Note Paying Agent is the Indenture Trustee) will
promptly notify the Indenture Trustee of its action or failure so to act.

            The Issuer will cause each Note Paying Agent other than the
Indenture Trustee to execute and deliver to the Indenture Trustee and the
Insurer an instrument in which such Note Paying Agent will agree with the
Indenture Trustee (and if the Indenture Trustee acts as Note Paying Agent, it
hereby so agrees), subject to the provisions of this Section, that such Note
Paying Agent will:

            (i) hold all sums held by it for the payment of amounts due with
      respect to the Notes in trust for the benefit of the Persons entitled
      thereto until such sums will be paid to such Persons or otherwise disposed
      of as herein provided and pay such sums to such Persons as herein
      provided;


                                       19
<PAGE>
            (ii) give the Indenture Trustee notice of any default by the Issuer
      (or any other obligor upon the Notes) of which it has actual knowledge in
      the making of any payment required to be made with respect to the Notes;

            (iii) at any time during the continuance of any such default, upon
      the written request of the Indenture Trustee, forthwith pay to the
      Indenture Trustee all sums so held in trust by such Paying Agent;

            (iv) immediately resign as a Note Paying Agent and forthwith pay to
      the Indenture Trustee all sums held by it in trust for the payment of
      Notes if at any time it ceases to meet the standards required to be met by
      a Note Paying Agent at the time of its appointment; and

            (v) comply with all requirements of the Code with respect to the
      withholding from any payments made by it on any Notes of any applicable
      withholding taxes imposed thereon and with respect to any applicable
      reporting requirements in connection therewith.

            The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Note Paying Agent to pay to the Indenture Trustee all sums held
in trust by such Note Paying Agent, such sums to be held by the Indenture
Trustee upon the same trusts as those upon which the sums were held by such Note
Paying Agent; and upon such a payment by any Note Paying Agent to the Indenture
Trustee, such Note Paying Agent will be released from all further liability with
respect to such money.

            Subject to applicable laws with respect to the escheat of funds, any
money held by the Indenture Trustee or any Note Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount has become due and payable will be discharged from
such trust and be paid to the Issuer on Issuer Request with the consent of the
Insurer (unless an Insurer Default has occurred and is continuing) and will be
deposited by the Indenture Trustee in the Collection Account; and the Holder of
such Note will thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to the
Issuer), and all liability of the Indenture Trustee or such Note Paying Agent
with respect to such trust money will thereupon cease; provided, however, that
if such money or any portion thereof had been previously deposited by the
Insurer or the Indenture Trustee for the payment of principal or interest on the
Notes, to the extent any amounts are owing to the Insurer, such amounts will be
paid promptly to the Insurer upon the Indenture Trustee's receipt of a written
request by the Insurer to such effect; and provided, further, that the Indenture
Trustee or such Note Paying Agent, before being required to make any such
repayment, will at the expense of the Issuer cause to be published once, in a
newspaper published in the English language, customarily published on each
Business Day and of general circulation in New York, New York, notice that such
money remains unclaimed and that, after a date specified therein, which will not
be less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Issuer. The Indenture Trustee
will also adopt and employ, at the expense of the Issuer, any other reasonable
means of notification of such repayment (including, but not limited to, mailing
notice of such repayment to


                                       20
<PAGE>
Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any Note
Paying Agent, at the last address of record for each such Holder).

            SECTION 3.4 Existence. Except as otherwise permitted by the
provisions of Section 3.10, the Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other state or of the United States of America,
in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or will be necessary to protect the validity and enforceability
of this Indenture, the Notes, the Collateral and each other instrument or
agreement included in the Trust Estate.

            SECTION 3.5 Protection of Trust Estate. The Issuer intends the
security interest Granted pursuant to this Indenture in favor of the Issuer
Secured Parties to be prior to all other liens in respect of the Trust Estate,
and the Issuer will take all actions necessary to obtain and maintain, in favor
of the Indenture Trustee, for the benefit of the Issuer Secured Parties, a first
lien on and a first priority, perfected security interest in the Trust Estate,
which security interest will be enforceable against third-party creditors. The
Issuer will from time to time prepare (or will cause to be prepared), execute
and deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other
instruments, and will take such other action necessary or advisable to:

            (i) Grant more effectively all or any portion of the Trust Estate;

            (ii) maintain or preserve the lien and security interest (and the
      priority thereof) in favor of the Indenture Trustee for the benefit of the
      Issuer Secured Parties created by this Indenture or carry out more
      effectively the purposes hereof;

            (iii) perfect, publish notice of or protect the validity of any
      Grant made or to be made by this Indenture;

            (iv) enforce any of the Collateral;

            (v) preserve and defend title to the Trust Estate and the rights of
      the Indenture Trustee in such Trust Estate against the claims of all
      persons and parties;

            (vi) pay all taxes or assessments levied or assessed upon the Trust
      Estate when due; and

            (vii) maintain or preserve all of the Issuer's right, title and
      interest in its rights and benefits, but none of its obligations or
      burdens, under the Purchase Agreement and the Sale and Servicing
      Agreement, including the Issuer's rights under the Purchase Agreement and
      the Sale and Servicing Agreement, to enforce the delivery requirements,
      representations and warranties and the cure and repurchase obligations of
      Triad under the Purchase Agreement and the Sale and Servicing Agreement.


                                       21
<PAGE>
The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required by and delivered to the Indenture Trustee pursuant to
this Section.

            SECTION 3.6 Opinions as to Trust Estate.

            (a) On the Closing Date, the Issuer will furnish to the Indenture
Trustee and the Insurer an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the
recording and filing of this Indenture, any indentures supplemental hereto, and
any other requisite documents, and with respect to the execution and filing of
any financing statements and continuation statements, as are necessary to
perfect and make effective the first priority lien and security interest in
favor of the Indenture Trustee, for the benefit of the Issuer Secured Parties,
created by this Indenture and reciting the details of such action, or stating
that, in the opinion of such counsel, no such action is necessary to make such
lien and security interest effective.

            (b) Within 120 days after the beginning of each calendar year,
beginning with the first calendar year beginning more than six months after the
Closing Date, the Issuer will furnish to the Indenture Trustee and the Insurer
an Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as are necessary to maintain
the lien and security interest created by this Indenture and reciting the
details of such action or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of
Counsel will also describe the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until April 30 in
the following calendar year.

            SECTION 3.7 Performance of Obligations; Servicing of Receivables.

            (a) The Issuer will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the Trust Estate or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in the Basic
Documents or such other instrument or agreement.

            (b) The Issuer may contract with other Persons acceptable to the
Insurer (so long as no Insurer Default has occurred and is continuing) to assist
it in performing its duties under this Indenture, and any performance of such
duties by a Person identified to the Indenture Trustee and the Insurer in an
Officer's Certificate of the Issuer will be deemed to be action taken by the
Issuer; provided that the Issuer will remain liable for performing these duties
hereunder.




                                       22
<PAGE>
Initially, the Issuer has contracted with the Servicer to assist the Issuer in
performing its duties under this Indenture.

            (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in the Basic Documents and in the
instruments and agreements included in the Trust Estate, including, preparing
(or causing to prepared) and filing (or causing to be filed) all UCC financing
statements and continuation statements required to be filed by the terms of this
Indenture and the Sale and Servicing Agreement in accordance with and within the
time periods provided for herein and therein. Except as otherwise expressly
provided therein, the Issuer will not waive, amend, modify, supplement or
terminate any Basic Document or any provision thereof without the consent of the
Indenture Trustee, the Insurer or the Majority Noteholders.

            (d) If a responsible officer of the Issuer has actual knowledge of
the occurrence of a Servicer Termination Event under the Sale and Servicing
Agreement, the Issuer will promptly notify the Indenture Trustee, the Insurer
and the Rating Agencies thereof in accordance with Section 11.4, and will
specify in such notice the action, if any, the Issuer is taking in respect of
such default. If a Servicer Termination Event arises from the failure of the
Servicer to perform any of its duties or obligations under the Sale and
Servicing Agreement with respect to the Receivables, the Issuer will take all
reasonable steps available to it to remedy such failure.

            (e) The Issuer agrees that it will not waive timely performance or
observance by the Servicer or the Depositor of their respective duties under the
Basic Documents (x) without the prior consent of the Insurer (unless an Insurer
Default has occurred and is continuing) or (y) if the effect thereof would
adversely affect the Holders of the Notes.

            SECTION 3.8 Negative Covenants. So long as any Notes are
Outstanding, the Issuer will not:

            (i) except as expressly permitted by the Basic Documents, sell,
      transfer, exchange or otherwise dispose of any of the properties or assets
      of the Issuer, including those included in the Trust Estate, unless
      directed to do so by the Controlling Party;

            (ii) claim any credit on, or make any deduction from the principal
      or interest payable in respect of, the Notes (other than amounts properly
      withheld from such payments under the Code) or assert any claim against
      any present or former Noteholder by reason of the payment of the taxes
      levied or assessed upon any part of the Trust Estate; or

            (iii) (A) permit the validity or effectiveness of this Indenture to
      be impaired, or permit the lien in favor of the Indenture Trustee created
      by this Indenture to be amended, hypothecated, subordinated, terminated or
      discharged, or permit any Person to be released from any covenants or
      obligations with respect to the Notes under this Indenture except as may
      be expressly permitted hereby, (B) permit any lien, charge, excise, claim,
      security interest, mortgage or other encumbrance (other than the lien of
      this Indenture) to be created on or extend to or otherwise arise upon or
      burden the Trust Estate or any part


                                       23
<PAGE>
      thereof or any interest therein or the proceeds thereof (other than tax
      liens, mechanics' liens and other liens that arise by operation of law, in
      each case on a Financed Vehicle and arising solely as a result of an
      action or omission of the related Obligor), (C) permit the lien of this
      Indenture not to constitute a valid first priority (other than with
      respect to any such tax, mechanics' or other lien) security interest in
      the Trust Estate, or (D) amend, modify or fail to comply with the
      provisions of the Basic Documents without the prior written consent of the
      Controlling Party.

            SECTION 3.9 Annual Statement as to Compliance. The Issuer will
deliver to the Indenture Trustee and the Insurer, within 120 days after the end
of each fiscal year of the Issuer (commencing with the fiscal year ended
December 31, 2004), and otherwise in compliance with the requirements of TIA
Section 314(a)(4) an Officer's Certificate stating, as to the Authorized Officer
signing such Officer's Certificate, that

            (i) a review of the activities of the Issuer during such year and of
      performance under this Indenture has been made under such Authorized
      Officer's supervision; and

            (ii) to the best of such Authorized Officer's knowledge, based on
      such review, the Issuer has complied with all conditions and covenants
      under the Basic Documents

            (iii) throughout such year, or, if there has been a default in the
      compliance of any such condition or covenant, specifying each such default
      known to such Authorized Officer and the nature and status thereof.

            SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms.

            (a) The Issuer will not consolidate or merge with or into any other
Person, unless

            (i) the Person (if other than the Issuer) formed by or surviving
      such consolidation or merger will be a Person organized and existing under
      the laws of the United States of America or any state and will expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Indenture Trustee, in form satisfactory to the Indenture Trustee and the
      Insurer (so long as no Insurer Default has occurred and is continuing),
      the due and punctual payment of the principal of and interest on all Notes
      and the performance or observance of every agreement and covenant of this
      Indenture on the part of the Issuer to be performed or observed, all as
      provided herein;

            (ii) immediately after giving effect to such transaction, no Default
      or Event of Default has occurred and is continuing;

            (iii) the Rating Agency Condition has been satisfied with respect to
      such transaction;

            (iv) the Issuer has received an Opinion of Counsel (and has
      delivered copies thereof to the Indenture Trustee and the Insurer (so long
      as no Insurer Default has occurred and is continuing)) to the effect that
      such transaction will not have any material


                                       24
<PAGE>
      adverse tax consequence to the Issuer, the Insurer, any Noteholder or the
      Certificateholder;

            (v) any action as is necessary to maintain the lien and security
      interest created by this Indenture has been taken;

            (vi) the Issuer has delivered to the Indenture Trustee an Officer's
      Certificate and an Opinion of Counsel each stating that such consolidation
      or merger and such supplemental indenture comply with this Article III and
      that all conditions precedent herein provided for relating to such
      transaction have been complied with (including any filing required by the
      Exchange Act); and

            (vii) so long as no Insurer Default has occurred and is continuing,
      the Issuer will have given the Insurer written notice of such
      consolidation or merger at least 20 Business Days prior to the
      consummation of such action and will have received the prior written
      approval of the Insurer of such consolidation or merger and the Issuer or
      the Person (if other than the Issuer) formed by or surviving such
      consolidation or merger has a net worth, immediately after such
      consolidation or merger, that is (a) greater than zero and (b) not less
      than the net worth of the Issuer immediately prior to giving effect to
      such consolidation or merger.

            (b) The Issuer will not convey or transfer all or substantially all
of its properties or assets, including those included in the Trust Estate, to
any Person, unless

            (i) the Person that acquires by conveyance or transfer the
      properties and assets of the Issuer the conveyance or transfer of which is
      hereby restricted will (A) be a United States citizen or a Person
      organized and existing under the laws of the United States of America or
      any state, (B) expressly assume, by an indenture supplemental hereto,
      executed and delivered to the Indenture Trustee, in form satisfactory to
      the Indenture Trustee, and the Insurer (so long as no Insurer Default has
      occurred and is continuing), the due and punctual payment of the principal
      of and interest on all Notes and the performance or observance of every
      agreement and covenant of each of the Basic Documents on the part of the
      Issuer to be performed or observed, all as provided herein, (C) expressly
      agree by means of such supplemental indenture that all right, title and
      interest so conveyed or transferred will be subject and subordinate to the
      rights of Holders of the Notes, (D) unless otherwise provided in such
      supplemental indenture, expressly agree to indemnify, defend and hold
      harmless the Issuer against and from any loss, liability or expense
      arising under or related to this Indenture and the Notes and (E) expressly
      agree by means of such supplemental indenture that such Person (or if a
      group of persons, then one specified Person) will prepare (or cause to be
      prepared) and make all filings with the Commission (and any other
      appropriate Person) required by the Exchange Act in connection with the
      Notes;

            (ii) immediately after giving effect to such transaction, no Default
      or Event of Default has occurred and is continuing;


                                       25
<PAGE>
            (iii) the Rating Agency Condition has been satisfied with respect to
      such transaction;

            (iv) the Issuer has received an Opinion of Counsel (and will have
      delivered copies thereof to the Indenture Trustee and the Insurer (so long
      as no Insurer Default has occurred and is continuing)) to the effect that
      such transaction will not have any material adverse tax consequence to the
      Issuer, the Insurer, any Noteholder or the Certificateholder;

            (v) any action as is necessary to maintain the lien and security
      interest created by this Indenture has been taken;

            (vi) the Issuer will have delivered to the Indenture Trustee and the
      Insurer an Officer's Certificate and an Opinion of Counsel each stating
      that such conveyance or transfer and such supplemental indenture comply
      with this Article III and that all conditions precedent herein provided
      for relating to such transaction have been complied with (including any
      filing required by the Exchange Act); and

            (vii) so long as no Insurer Default has occurred and is continuing,
      the Issuer will have given the Insurer written notice of such conveyance
      or transfer at least 20 Business Days prior to the consummation of such
      action and will have received the prior written approval of the Insurer of
      such conveyance or transfer and the transferee has a net worth,
      immediately after such conveyance or transfer, that is (a) greater than
      zero and (b) not less than the net worth of the Issuer immediately prior
      to giving effect to such conveyance or transfer.

            (c) The Issuer will not change its jurisdiction of organization
without notifying the Indenture Trustee and the Insurer and taking any actions
necessary to maintain a first priority perfected security interest in the
Collateral under this Indenture.

            SECTION 3.11 Successor or Transferee.

            (a) Upon any consolidation or merger of the Issuer in accordance
with Section 3.10(a), the Person formed by or surviving such consolidation or
merger (if other than the Issuer) will succeed to, and be substituted for, and
may exercise every right and power of, the Issuer under this Indenture with the
same effect as if such Person had been named as the Issuer herein.

            (b) Upon a conveyance or transfer of all the assets and properties
of the Issuer pursuant to Section 3.10 (b), Triad Automobile Receivables Trust
2004-A will be released from every covenant and agreement of this Indenture to
be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee stating
that Triad Automobile Receivables Trust 2004-A is to be so released.

            SECTION 3.12 No Other Business. The Issuer will not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by the Basic Documents and activities
incidental thereto.


                                       26
<PAGE>
            SECTION 3.13 No Borrowing. The Issuer will not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes, (ii) obligations owing from time to time
to the Insurer under the Insurance Agreement and (iii) any other Indebtedness
permitted by or arising under the Basic Documents. The proceeds of the Notes
will be used exclusively to fund the Issuer's purchase of the Receivables and
the other assets specified in the Sale and Servicing Agreement, to fund the
Spread Account and to pay the Issuer's organizational, transactional and
start-up expenses.

            SECTION 3.14 Servicer's Obligations. The Issuer will cause the
Servicer to comply with Sections 4.9, 4.10, 4.11 and 5.10 of the Sale and
Servicing Agreement.

            SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by the Sale and Servicing Agreement or this Indenture,
the Issuer will not make any loan or advance or credit to, or guarantee
(directly or indirectly or by an instrument having the effect of assuring
another's payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

            SECTION 3.16 Capital Expenditures. The Issuer will not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

            SECTION 3.17 Compliance with Laws. The Issuer will comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability of
the Issuer to perform its obligations under the Notes, this Indenture or any
Basic Document.

            SECTION 3.18 Restricted Payments. The Issuer will not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security or
(iii) set aside or otherwise segregate any amounts for any such purpose;
provided, however, that the Issuer may make, or cause to be made, distributions
to the Servicer, the Owner Trustee, the Backup Servicer, the Insurer, the
Indenture Trustee and the Certificateholders as permitted by, and to the extent
funds are available for such purpose under, the Sale and Servicing Agreement or
Trust Agreement. The Issuer will not, directly or indirectly, make payments to
or distributions from the Collection Account except in accordance with the Basic
Documents.

            SECTION 3.19 Notice of Events of Default. Upon a responsible officer
of the Issuer having actual knowledge thereof, the Issuer agrees to give the
Indenture Trustee, the Insurer and the Rating Agencies prompt written notice of
each Default or Event of Default hereunder and each default on the part of the
Servicer or the Depositor of its obligations under the Sale and Servicing
Agreement.


                                       27
<PAGE>
            SECTION 3.20 Further Instruments and Acts. Upon request of the
Indenture Trustee or the Insurer, the Issuer will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of this Indenture.

            SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust
Agreement. The Issuer will not agree to any amendment to Section 12.1 of the
Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to eliminate
the requirements thereunder that the Indenture Trustee or the Holders of the
Notes consent to amendments thereto as provided therein.

            SECTION 3.22 Income Tax Characterization. For purposes of federal
income, state and local income and franchise and any other income taxes, the
Issuer will treat the Notes as indebtedness and each Noteholder (or beneficial
Note Owner) will be deemed, by virtue of acquisition of its interest in such
Note, to have agreed, to treat the Notes as indebtedness for all applicable tax
reporting purposes.

            SECTION 3.23 Representations and Warranties. The Issuer represents
and warrants that:

            (a) Security Interest. This Indenture creates a valid and continuing
security interest (as defined in the applicable UCC) in the Receivables in favor
of the Indenture Trustee, which security interest is prior to all other Liens,
and is enforceable as such as against creditors of and purchasers from the
Seller. The Issuer owns and has good and marketable title to the Receivables
free and clear of any Lien (other than the Lien in favor of the Indenture
Trustee), claim or encumbrance of any Person. The Issuer is not aware of any
judgments or tax liens filed against the Issuer.

            (b) All Filings Made. The Issuer has taken all steps necessary to
perfect the Indenture Trustee's security interest in the property securing the
Receivables, provided that, if not done as of the Closing Date, the Issuer will
cause, within ten days of the Closing Date, the filing of all appropriate
financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in
the Receivables granted to the Indenture Trustee hereunder. All financing
statements filed or to be filed by the Issuer in favor of the Indenture Trustee
in connection herewith that describes the Collateral contain a statement to the
following effect:

            (A purchase or taking of a security interest in any collateral
            described in this financing statement except as permitted by the
            Indenture will violate the rights of the Indenture Trustee).

            (c) No Impairment. The Issuer has not done anything to convey any
right to any Person that would result in such Person having a right to payments
due under the Receivables or otherwise to impair the rights of the Insurer, the
Indenture Trustee and the Noteholders in any Receivable or the proceeds thereof.
Other than the security interest granted to the Indenture Trustee pursuant to
this Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Receivables. The Issuer has not


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<PAGE>
authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Receivables
other than any financing statement relating to the security interest granted to
the Indenture Trustee hereunder or that has been terminated. The Issuer is not
aware of any judgment or tax lien filings against it.

            (d) The Receivables. The Receivables constitute "tangible chattel
paper" within the meaning of the applicable UCC. Triad Financial Corporation, as
the Custodian under the Sale and Servicing Agreement, has in its possession all
original copies of the receivable files that constitute or evidence the
Receivables. The receivable files that constitute or evidence the Receivables do
not have any marks or notations indicating that they have been pledged, assigned
or conveyed by the Issuer to any person.

            (e) Good Title. Immediately prior to the pledge of the Receivables
to the Indenture Trustee pursuant to this Indenture, the Issuer was the sole
owner thereof and had good and indefeasible title thereto, free of any Lien and,
upon execution and delivery of the Basic Documents, the Trust shall have good
and indefeasible title to and will be the sole owner of such Receivables, free
of any Lien. No dealer or third-party lender has a participation in, or other
right to receive, proceeds of any Receivable. The Issuer has not taken any
action to convey any right to any Person that would result in such Person having
a right to payments received under the related Insurance Policies, Auto Loan
Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender
Assignments or to payments due under such Receivables.

                                   ARTICLE IV

                           Satisfaction and Discharge

            SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture
will cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee
under Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof
with respect to the property so deposited with the Indenture Trustee payable to
all or any of them, and the Indenture Trustee, on demand of and at the expense
of the Issuer, will execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when

                  (A) either

                  (1) all Notes theretofore authenticated and delivered (other
            than (i) Notes that have been destroyed, lost or stolen and that
            have been replaced or paid as provided in Section 2.5 and (ii) Notes
            for whose payment money has theretofore been deposited in trust or
            segregated and held in trust by the Indenture Trustee and thereafter
            repaid to the Issuer or discharged from such trust, as provided in
            Section 3.3) have been delivered to the Indenture Trustee for


                                       29
<PAGE>
            cancellation and the Note Policy has expired and been returned to
            the Insurer for cancellation; or

                  (2) all Notes not theretofore delivered to the Indenture
            Trustee for cancellation

                  (i) have become due and payable,

                  (ii) will become due and payable at their respective Final
            Scheduled Distribution Dates within one year, or

                  (iii) are to be called for redemption within one year under
            arrangements satisfactory to the Indenture Trustee for the giving of
            notice of redemption by the Indenture Trustee in the name, and at
            the expense, of the Issuer,

            and the Issuer, in the case of (i), (ii) or (iii) above, has
            irrevocably deposited or caused to be irrevocably deposited with the
            Indenture Trustee cash or direct obligations of or obligations
            guaranteed by the United States of America (which will mature prior
            to the date such amounts are payable), in trust for such purpose, in
            an amount sufficient to pay and discharge the entire indebtedness on
            such Notes not theretofore delivered to the Indenture Trustee for
            cancellation when due to their respective Final Scheduled
            Distribution Dates or Redemption Date (if Notes have been called for
            redemption pursuant to Section 10.1(a)), as the case may be;

                  (B) the Issuer has paid or caused to be paid all Insurer
            Issuer Secured Obligations and all Indenture Trustee Issuer Secured
            Obligations; and

                  (C) the Issuer has delivered to the Indenture Trustee and the
            Insurer an Officer's Certificate, an Opinion of Counsel and if
            required by the TIA, the Indenture Trustee or the Insurer (so long
            as no Insurer Default has occurred and is continuing) an Independent
            Certificate from a firm of certified public accountants, each
            meeting the applicable requirements of Section 11.1(a) and each
            stating that all conditions precedent herein provided for relating
            to the satisfaction and discharge of this Indenture have been
            complied with.

            SECTION 4.2 Application of Trust Money. All moneys deposited with
the Indenture Trustee pursuant to Section 4.1 will be held in trust and applied
by it, in accordance with the provisions of the Notes and the Basic Documents,
to the payment, either directly or through any Note Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for the
payment or redemption of which such moneys have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the
extent required herein or in the Sale and Servicing Agreement or required by
law.

            SECTION 4.3 Repayment of Moneys Held by Note Paying Agent. In
connection with the satisfaction and discharge of this Indenture with respect to
the Notes, all moneys then held by any Note Paying Agent other than the
Indenture Trustee under the


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<PAGE>
provisions of this Indenture with respect to such Notes will, upon demand of the
Issuer, be paid to the Indenture Trustee to be held and applied according to
Section 3.3 and thereupon such Note Paying Agent will be released from all
further liability with respect to such moneys.

                                   ARTICLE V

                                    Remedies

            SECTION 5.1 Events of Default. "Event of Default" means any one of
the following events (whatever the reason for such Event of Default and whether
it is voluntary or involuntary or effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

            (i) default by the Issuer in the payment of any interest on any Note
      when the same becomes due and payable, and such default continues for a
      period of five days; or

            (ii) default by the Issuer in the payment of the principal of any
      Note on its Final Scheduled Distribution Date; or

            (iii) if the Insurer is the Controlling Party, a Trigger Event (as
      defined under the Insurance Agreement) has occurred and is continuing; or

            (iv) a draw has been made on the Note Policy; or

            (v) the filing of a decree or order for relief by a court having
      jurisdiction in the premises in respect of the Issuer or any substantial
      part of the Trust Estate in an involuntary case under any applicable
      federal or State bankruptcy, insolvency or other similar law now or
      hereafter in effect, or appointing a receiver, liquidator, assignee,
      custodian, trustee, sequestrator or similar official of the Issuer or for
      any substantial part of the Trust Estate, or ordering the winding-up or
      liquidation of the Issuer's affairs, and such decree or order remains
      unstayed and in effect for a period of 60 consecutive days; or

            (vi) the commencement by the Issuer of a voluntary case under any
      applicable federal or State bankruptcy, insolvency or other similar law
      now or hereafter in effect, or the consent by the Issuer to the entry of
      an order for relief in an involuntary case under any such law, or the
      consent by the Issuer to the appointment or taking possession by a
      receiver, liquidator, assignee, custodian, trustee, sequestrator or
      similar official of the Issuer or for any substantial part of the Trust
      Estate, or the making by the Issuer of any general assignment for the
      benefit of creditors, or the failure by the Issuer generally to pay its
      debts as such debts become due, or the taking of action by the Issuer in
      furtherance of any of the foregoing; or

            (vii) the Issuer becoming taxable as an association or a publicly
      traded partnership taxable as a corporation for federal or state tax
      purposes; or

            (viii) on any Distribution Date, after taking into account the
      application of the sum of Available Funds for the related calendar month
      plus any available amounts from



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<PAGE>
      the Spread Account for the related Distribution Date, any amounts listed
      in clauses (i) through (v) of Section 5.7(a) of the Sale and Servicing
      Agreement have not been paid in full; or

            (ix) default in the observance or performance in any material
      respect of any covenant or agreement of the Issuer made in this Indenture
      (other than a covenant or agreement, a default in the observance or
      performance of which is elsewhere in this Section specifically dealt
      with), or any representation or warranty of the Issuer made in this
      Indenture, in any Basic Document or in any certificate or any other
      writing delivered pursuant hereto or in connection herewith proving to
      have been incorrect in any material respect as of the time when the same
      has been made, and such default will continue or not be cured, or the
      circumstance or condition in respect of which such misrepresentation or
      warranty was incorrect will not have been eliminated or otherwise cured,
      for a period of 30 days (or for such longer period, not in excess of 90
      days, as may be reasonably necessary to remedy such default) after there
      has been given, by registered or certified mail, to the Issuer by the
      Indenture Trustee or to the Issuer and the Indenture Trustee by the
      Holders of at least 25% of the Outstanding Amount of the Notes, a written
      notice specifying such default or incorrect representation or warranty and
      requiring it to be remedied and stating that such notice is a "Notice of
      Default" hereunder.

            The Issuer will deliver to the Indenture Trustee and the Insurer,
within five days after knowledge of the occurrence thereof, written notice in
the form of an Officer's Certificate of any event which with the giving of
notice and the lapse of time would become an Event of Default, its status and
what action the Issuer is taking or proposes to take with respect thereto.

            SECTION 5.2 Rights Upon Event of Default.

            (a) In the event of any acceleration of any Notes by operation of
this Section 5.2, the Indenture Trustee will continue to be entitled to make
claims under the Note Policy pursuant to the Sale and Servicing Agreement for
Scheduled Payments on the Notes. Payments under the Note Policy following
acceleration of any Notes will be applied by the Indenture Trustee:

            FIRST: to Class A Noteholders for amounts due and unpaid on the
      Class A Notes for interest, ratably, without preference or priority of any
      kind, according to the amounts due and payable on the Class A Notes for
      interest; and

            SECOND: first, to the Class A-1 Noteholders for amounts due and
      unpaid for principal, then to Holders of the other Classes of Class A
      Notes for amounts due and unpaid on such Class A Notes for principal,
      ratably, without preference or priority of any kind, according to the
      amounts due and payable on such Class A Notes for principal.

            (b) In the event any Notes are accelerated due to an Event of
Default, the Insurer has the right (in addition to its obligation to pay
Scheduled Payments on the Notes in accordance with the Note Policy), but not the
obligation, to make payments under the Note Policy or otherwise of interest and
principal due on such Notes, in whole or in part, on any date or dates following
such acceleration as the Insurer, in its sole discretion, will elect.


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<PAGE>
            (c) If an Event of Default occurs and is continuing (other than
Events of Default specified in Section 5.1(v) and (vi)), the Indenture Trustee
may, with consent of the Insurer (if the Insurer is the Controlling Party), and
will, at the direction of the Controlling Party, declare by written notice to
the Issuer that the Notes become, whereupon they will become, immediately due
and payable at par, together with accrued interest thereon. If an Event of
Default specified in Section 5.1(v) or (vi) occurs, the Notes will automatically
become due and payable at par, together with interest thereon, without any
declaration or other act on the part of its Indenture Trustee, any Noteholder or
the Controlling Party.

            (d) If at any time after such declaration of acceleration of
maturity has been made and before a judgment or decree for payment of the money
due has been obtained by the Indenture Trustee as hereinafter in this Article V
provided, the Controlling Party, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences
if:

            (i) the Issuer has paid or deposited with the Indenture Trustee a
      sum sufficient to pay:

                  (A) all payments of principal of and interest on all Notes and
            all other amounts that would then be due hereunder or upon such
            Notes if the Event of Default giving rise to such acceleration had
            not occurred; and

                  (B) all sums paid or advanced by the Indenture Trustee
            hereunder and the reasonable compensation, expenses, disbursements
            and advances of the Indenture Trustee and its agents and counsel;
            and

            (ii) all Events of Default, other than the nonpayment of the
      principal of the Notes that has become due solely by such acceleration,
      have been cured or waived as provided in Section 5.13.

            No such rescission will affect any subsequent default or impair any
right consequent thereto.

            SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

            (a) The Issuer covenants that, notwithstanding any rights of any
other party herein to exercise any of its remedies as provided herein, if (i)
default is made in the payment of any interest on any Note when the same becomes
due and payable, and such default continues for a period of five days, or (ii)
default is made in the payment of the principal of or any installment of the
principal of any Note when the same becomes due and payable, the Issuer will pay
to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole
amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal, and, to the extent payment at such rate of
interest will be legally enforceable, upon overdue installments of interest, at
the applicable Interest Rate and in addition thereto such further amount as will
be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.


                                       33
<PAGE>
            (b) Each Issuer Secured Party hereby irrevocably and unconditionally
appoints the Controlling Party as the true and lawful attorney-in-fact of such
Issuer Secured Party, with full power of substitution, to execute, acknowledge
and deliver any notice, document, certificate, paper, pleading or instrument and
to do in the name of the Controlling Party as well as in the name, place and
stead of such Issuer Secured Party such acts, things and deeds for or on behalf
of and in the name of such Issuer Secured Party under this Indenture (including
specifically under Section 5.4) and under the other Basic Documents which such
Issuer Secured Party could or might do or which may be necessary, desirable or
convenient in such Controlling Party's sole discretion to effect the purposes
contemplated hereunder and under the Basic Documents and, without limitation,
following the occurrence of an Event of Default, exercise full right, power and
authority to take, or defer from taking, any and all acts with respect to the
administration, maintenance or disposition of the Trust Estate.

            (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may with the consent of the Controlling Party and will, at the direction
of the Controlling Party, proceed to protect and enforce its rights and the
rights of the Noteholders by such appropriate Proceedings as the Indenture
Trustee or the Controlling Party will deem most effective to protect and enforce
any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law.

            (d) [Reserved].

            (e) In case there will be pending, relative to the Issuer or any
other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, proceedings under Title 11 of the United States
Code or any other applicable federal or State bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official has been appointed
for or taken possession of the Issuer or its property or such other obligor or
Person, or in case of any other comparable judicial proceedings relative to the
Issuer or other obligor upon the Notes, or to the creditors or property of the
Issuer or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes will then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee has
made any demand pursuant to the provisions of this Section, will be entitled and
empowered, by intervention in such proceedings or otherwise to, and may with the
Insurer's consent (so long as the Insurer is the Controlling Party), and will,
at the direction of the Controlling Party:

            (i) file and prove a claim or claims for the whole amount of
      principal and interest owing and unpaid in respect of the Notes and file
      such other papers or documents as may be necessary or advisable in order
      to have the claims of the Indenture Trustee (including any claim for
      reasonable compensation to the Indenture Trustee and each predecessor
      Indenture Trustee, and their respective agents, attorneys and counsel, and
      for reimbursement of all expenses and liabilities incurred, and all
      advances made, by the Indenture Trustee and each predecessor Indenture
      Trustee, except as a result of negligence, bad faith or willful
      misconduct) and of the Noteholders allowed in such proceedings;


                                       34
<PAGE>
            (ii) unless prohibited by applicable law and regulations, vote on
      behalf of the Noteholders in any election of a trustee, a standby trustee
      or person performing similar functions in any such proceedings;

            (iii) collect and receive any moneys or other property payable or
      deliverable on any such claims and to distribute all amounts received with
      respect to the claims of the Noteholders and of the Indenture Trustee on
      their behalf; and

            (iv) file such proofs of claim and other papers or documents as may
      be necessary or advisable in order to have the claims of the Indenture
      Trustee or the Noteholders allowed in any judicial proceedings relative to
      the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee, and, in the event that the Indenture Trustee
will consent to the making of payments directly, to such Noteholders, to pay to
the Indenture Trustee such amounts as will be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of negligence or bad faith.

            (f) Nothing herein contained will be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such Proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar person.

            (g) All rights of action and of asserting claims under this
Indenture or under any of the Notes may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any
trial or other proceedings relative thereto, and any such action or Proceedings
instituted by the Indenture Trustee will be brought in its own name as Indenture
Trustee of an express trust, and any recovery of judgment, subject to the
payment of the expenses, disbursements and compensation of the Indenture
Trustee, each predecessor trustee and their respective agents and attorneys,
will be for the ratable benefit of the Holders of the Notes.

            (h) In any Proceedings brought by the Indenture Trustee (and also
any Proceedings involving the interpretation of any provision of this
Indenture), the Indenture Trustee will be held to represent all the Holders of
the Notes, and it will not be necessary to make any Noteholder a party to any
such proceedings.

            SECTION 5.4 Remedies.

            (a) If an Event of Default has occurred and is continuing and the
Notes have been declared due and payable and such declaration and its
consequences have not been rescinded, the Indenture Trustee may, with the
consent of the Insurer (so long as the Insurer is


                                       35
<PAGE>
the Controlling Party) and will, at the direction of the Controlling Party, do
one or more of the following (subject to Section 5.5):

            (i) institute Proceedings in its own name and as trustee of an
      express trust for the collection of all amounts then payable on the Notes
      or under this Indenture with respect thereto, whether by declaration or
      otherwise, enforce any judgment obtained, and collect from the Issuer and
      any other obligor upon such Notes moneys adjudged due;

            (ii) institute Proceedings from time to time for the complete or
      partial foreclosure of this Indenture with respect to the Trust Estate;

            (iii) exercise any remedies of a secured party under the UCC and
      take any other appropriate action to protect and enforce the rights and
      remedies of the Indenture Trustee and the Holders of the Notes; and

            (iv) sell the Trust Estate or any portion thereof or rights or
      interest therein, at one or more public or private sales called and
      conducted in any manner permitted by law; provided, however, that

                  (A) if the Insurer is the Controlling Party, the Insurer may
            not direct the sale or other liquidation of the Trust Estate unless
            the proceeds of such sale or liquidation distributable to the
            Noteholders are sufficient to discharge in full all amounts then due
            and unpaid upon such Notes for principal and interest (except that,
            if the proceeds are not sufficient to discharge all amounts due the
            Class B Noteholders, and all of the Class B Noteholders have
            consented to such sale, then the Insurer may direct the sale or
            liquidation of the Trust Estate); or

                  (B) if the Indenture Trustee is the Controlling Party, the
            Indenture Trustee may not sell or otherwise liquidate the Trust
            Estate following an Event of Default unless either

                              (x) Noteholders representing not less than 100% of
                        the Outstanding Amount of the Notes consent thereto, or

                              (y) the proceeds of such sale or liquidation
                        distributable to the Noteholders are sufficient to
                        discharge in full all amounts then due and unpaid upon
                        such Notes for principal and interest, or

                              (z) the Indenture Trustee determines that the
                        Trust Estate will not continue to provide sufficient
                        funds for the payment of principal of and interest on
                        the Notes as they would have become due if the Notes had
                        not been declared due and payable, and the Indenture
                        Trustee provides prior written notice to the Rating
                        Agencies and obtains the consent of Holders of 66-2/3%
                        of the Outstanding Amount of the Notes.

            In determining such sufficiency or insufficiency with respect to
clause (y) and (z), the Indenture Trustee may, but need not, obtain and
conclusively rely upon an opinion of an


                                       36
<PAGE>
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

            SECTION 5.5 Optional Preservation of the Receivables. If the
Indenture Trustee is the Controlling Party and if the Notes have been declared
to be due and payable under Section 5.2 following an Event of Default and such
declaration and its consequences have not been rescinded and annulled, the
Indenture Trustee may but need not maintain possession of the Trust Estate. It
is the desire of the parties hereto and the Noteholders that there be at all
times sufficient funds for the payment of principal of and interest on the
Notes, and the Indenture Trustee will take such desire into account when
determining whether or not to maintain possession of the Trust Estate. In
determining whether to maintain possession of the Trust Estate, the Indenture
Trustee may, but need not, obtain and conclusively rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

            SECTION 5.6 Priorities.

            (a) Following (1) the acceleration of the Notes pursuant to Section
5.2 or (2) the receipt of Insolvency Proceeds pursuant to Section 10.1(b) of the
Sale and Servicing Agreement, the Indenture Trustee will apply the following
amounts from (i) Available Funds on deposit in the Collection Account, including
any money or property collected pursuant to Section 5.4 of this Indenture and
any such Insolvency Proceeds, after the payment of all amounts owing to the
Indenture Trustee pursuant to Section 6.7 of this Indenture, and (ii) amounts on
deposit in the Spread Account on the related Distribution Date in the following
order of priority:

            FIRST: amounts due and owing and required to be distributed to the
      Servicer (provided there is no Servicer Termination Event), the Owner
      Trustee, the Indenture Trustee, and Backup Servicer, respectively,
      pursuant to priorities (i) and (ii) of Section 5.7(a) of the Sale and
      Servicing Agreement and not previously distributed, in the order of such
      priorities as set forth therein and without limitation, preference or
      priority of any kind within such priorities;

            SECOND: to the Holders of the Class A Notes, for amounts due and
      unpaid on such Class A Notes for interest, ratably, without preference or
      priority of any kind, according to the amounts due and payable on the
      Class A Notes for interest;

            THIRD: to Class B Noteholders for amounts due and unpaid on the
      Class B Notes for interest;

            FOURTH: to the Class A-1 Noteholders, for amounts due and unpaid on
      the Class A-1 Notes for principal, then, to the Holders of the other
      classes of Class A Notes, for amounts due and unpaid on such Class A Notes
      for principal, ratably, without preference or priority of any kind,
      according to the amounts due and payable on such Class A Notes for
      principal;

            FIFTH: amounts due and owing and required to be distributed to the
      Insurer pursuant to priority (vi), (x) and (xiii) of Section 5.7(a) of the
      Sale and Servicing Agreement and not previously distributed;


                                       37
<PAGE>
            SIXTH: to Class B Noteholders for amounts due and unpaid on the
      Class B Notes for principal; and

            SEVENTH: any remainder to the Holders of the Certificates.

            (b) The Indenture Trustee may fix a record date and payment date for
any payment to Noteholders pursuant to this Section 5.6. At least 15 days before
such record date the Issuer will mail to each Noteholder and the Indenture
Trustee a notice that states the record date, the payment date and the amount to
be paid.

            SECTION 5.7 Limitation of Suits. No Holder of any Note has any right
to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

            (i) such Holder has previously given written notice to the Indenture
      Trustee of a continuing Event of Default;

            (ii) the Holders of not less than 25% of the Outstanding Amount of
      the Notes have made written request to the Indenture Trustee to institute
      such Proceeding in respect of such Event of Default in its own name as
      Indenture Trustee hereunder;

            (iii) such Holder or Holders have offered to the Indenture Trustee
      indemnity reasonably satisfactory to it against the costs, expenses and
      liabilities to be incurred in complying with such request;

            (iv) the Indenture Trustee for 60 days after its receipt of such
      notice, request and offer of indemnity has failed to institute such
      Proceedings;

            (v) no direction inconsistent with such written request has been
      given to the Indenture Trustee during such 60-day period by the Holders of
      a majority of the Outstanding Amount of the Notes; and

            (vi) the Insurer is not the Controlling Party;

it being understood and intended that no one or more Noteholders has any right
in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Noteholders or
to obtain or to seek to obtain priority or preference over any other Holders or
to enforce any right under this Indenture, except in the manner herein provided.

            In the event the Indenture Trustee receives conflicting or
inconsistent requests and indemnity from two or more groups of Noteholders, each
representing less than a majority of the Outstanding Amount of the Notes, the
Indenture Trustee will act at the direction of the group of Noteholders with the
greater Outstanding Amount of Notes, provided, however, that in the event the
Indenture Trustee receives conflicting or inconsistent requests and indemnity
from two or more groups of Noteholders representing an equal Outstanding Amount
of Notes, the Indenture Trustee in its sole discretion may determine what
action, if any, will be taken, notwithstanding any other provisions of this
Indenture.


                                       38
<PAGE>
            SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note has the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right will not be impaired
without the consent of such Holder.

            SECTION 5.9 Restoration of Rights and Remedies. If the Controlling
Party or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders will, subject to any determination in such
Proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders will continue as though no such Proceeding had been instituted.

            SECTION 5.10 Rights and Remedies Cumulative. No right or remedy
herein conferred upon or reserved to the Controlling Party or to the Noteholders
is intended to be exclusive of any other right or remedy, and every right and
remedy will, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, will not prevent the concurrent assertion or employment
of any other appropriate right or remedy.

            SECTION 5.11 Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee, the Controlling Party or any Holder of any Note to
exercise any right or remedy accruing upon any Default or Event of Default will
impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by
this Article V or by law to the Indenture Trustee or to the Noteholders may be
exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be.

            SECTION 5.12 Control by Noteholders. If the Indenture Trustee is the
Controlling Party, the Majority Noteholders will have the right to direct the
time, method and place of conducting any Proceeding for any remedy available to
the Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided that:

            (i) such direction will not be in conflict with any rule of law or
      with this Indenture;

            (ii) any direction to the Indenture Trustee to sell or liquidate the
      Trust Estate is subject to the express terms of Section 5.4;

            (iii) if the conditions set forth in Section 5.5 have been satisfied
      and the Indenture Trustee elects to retain the Trust Estate pursuant to
      such Section, then any


                                       39
<PAGE>
      direction to the Indenture Trustee by Noteholders representing less than
      100% of the Outstanding Amount of the Notes to sell or liquidate the Trust
      Estate will be of no force and effect; and

            (iv) the Indenture Trustee may take any other action deemed proper
      by the Indenture Trustee that is not inconsistent with such direction;

provided, however, that, subject to Article VI, the Indenture Trustee need not
take any action that it determines might involve it in liability, financial or
otherwise, without receiving indemnity satisfactory to it, or might materially
adversely affect the rights of any Noteholders not consenting to such action.

            SECTION 5.13 Waiver of Past Defaults. The Insurer may, or if an
Insurer Default has occurred and is continuing, the Majority Noteholders may,
prior to the declaration of the acceleration of the maturity of the Notes as
provided in Section 5.4, waive any past Default or Event of Default and its
consequences except a Default (a) in payment of principal of or interest on any
of the Notes or (b) in respect of a covenant or provision hereof which cannot be
modified or amended without the consent of the Holder of each Note. In the case
of any such waiver, the Issuer, the Indenture Trustee and the Holders of the
Notes will be restored to their former positions and rights hereunder,
respectively; but no such waiver will extend to any subsequent or other Default
or impair any right consequent thereto.

            Upon any such waiver, such Default will cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising
therefrom will be deemed to have been cured and not to have occurred, for every
purpose of this Indenture; but no such waiver will extend to any subsequent or
other Default or Event of Default or impair any right consequent thereto.

            SECTION 5.14 Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof will be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section will not apply to (a) any suit instituted by the
Indenture Trustee or the Controlling Party, (b) any suit instituted by any
Noteholder, or group of Noteholders, in each case holding in the aggregate more
than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by
any Noteholder for the enforcement of the payment of principal of or interest on
any Note on or after the respective due dates expressed in such Note and in this
Indenture (or, in the case of redemption, on or after the Redemption Date).

            SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever, claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the


                                       40
<PAGE>
performance of this Indenture; and the Issuer (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

            SECTION 5.16 Action on Notes. The Indenture Trustee's right to seek
and recover judgment on the Notes or under this Indenture will not be affected
by the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights or
remedies of the Indenture Trustee or the Noteholders will be impaired by the
recovery of any judgment by the Indenture Trustee against the Issuer or by the
levy of any execution under such judgment upon any portion of the Trust Estate
or upon any of the assets of the Issuer.

            SECTION 5.17 Performance and Enforcement of Certain Obligations.

            (a) Promptly following a request from the Indenture Trustee to do so
and at the Servicer's expense, the Issuer agrees to take all such lawful action
as the Indenture Trustee may request to compel or secure the performance and
observance by the Servicer of its obligations to the Issuer under or in
connection with the Sale and Servicing Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Issuer under or in connection with the Sale and
Servicing Agreement to the extent and in the manner directed by the Indenture
Trustee, including the institution of legal or administrative actions or
Proceedings to compel or secure performance by the Servicer of its obligations
under the Sale and Servicing Agreement.

            (b) If the Indenture Trustee is a Controlling Party and if an Event
of Default has occurred and is continuing, the Indenture Trustee may, and, at
the written direction of the Majority Noteholders will, subject to Article VI,
exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Servicer under or in connection with the Sale and Servicing
Agreement, including the right or power to take any action to compel or secure
performance or observance by the Servicer of its obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement, and any right of the
Issuer to take such action will be suspended.

                                   ARTICLE VI

                              The Indenture Trustee

            SECTION 6.1 Duties of Indenture Trustee.

            (a) If an Event of Default has occurred and is continuing, the
Indenture Trustee will exercise, subject to the provisions of Article V, the
rights and powers vested in it by the Basic Documents to which it is a Party and
use the same degree of care and skill in its exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs.

            (b) Except during the continuance of an Event of Default:


                                       41
<PAGE>
            (i) the Indenture Trustee undertakes to perform such duties and only
      such duties as are specifically set forth in this Indenture and no implied
      covenants or obligations will be read into this Indenture against the
      Indenture Trustee; and

            (ii) in the absence of bad faith on its part, the Indenture Trustee
      may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon certificates or
      opinions furnished to the Indenture Trustee and conforming to the
      requirements of this Indenture; however, the Indenture Trustee will
      examine the certificates and opinions to determine whether or not they
      conform on their face to the requirements of this Indenture.

            (c) The Indenture Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

      (i) this paragraph does not limit the effect of Section 6.1 (b);

            (ii) the Indenture Trustee will not be liable for any error of
      judgment made in good faith by a Responsible Officer unless it is proved
      that the Indenture Trustee was negligent in ascertaining the pertinent
      facts; and

            (iii) the Indenture Trustee will not be liable with respect to any
      action it takes or omits to take in good faith in accordance with a
      direction received by it pursuant to Section 5.12.

            (d) The Indenture Trustee will not be liable for interest on any
money received by it except as the Indenture Trustee may agree in writing with
the Issuer.

            (e) Money held in trust by the Indenture Trustee need not be
segregated from other funds except to the extent required by law or the terms of
this Indenture or the Sale and Servicing Agreement.

            (f) No provision of this Indenture will require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of
its rights or powers, if it has reasonable grounds to believe that repayment of
such funds or indemnity reasonably satisfactory to it against such risk or
liability is not assured to it.

            (g) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee will
be subject to the provisions of this Section 6.1 and to the provisions of the
TIA.

            (h) The Indenture Trustee will, upon two Business Days' prior notice
to the Indenture Trustee, permit any representative of the Insurer at the
expense of the Trust, during the Indenture Trustee's normal business hours, to
examine all books of account, records, reports and other papers of the Indenture
Trustee relating to the Notes, to make copies and extracts therefrom and to
discuss the Indenture Trustee's affairs and actions, as such affairs and actions
relate to the Indenture Trustee's duties with respect to the Notes, with the
Indenture Trustee's officers and employees responsible for carrying out the
Indenture Trustee's duties with respect to the Notes.


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<PAGE>
            (i) The Indenture Trustee will, and hereby agrees that it will,
perform all of the obligations and duties required of it under the Sale and
Servicing Agreement.

            (j) The Indenture Trustee will, and hereby agrees that it will, hold
the Note Policy in trust, and will hold any proceeds of any claim on the Note
Policy in trust solely for the use and benefit of the Noteholders.

            (k) Without limiting the generality of this Section 6.1, the
Indenture Trustee will have no duty (i) to see to any recording, filing or
depositing of this Indenture or any agreement referred to herein or any
financing statement evidencing a security interest in the Financed Vehicles, or
to see to the maintenance of any such recording or filing or depositing or to
any recording, refiling or redepositing of any thereof, (ii) to see to any
insurance of the Financed Vehicles or Obligors or to effect or maintain any such
insurance, (iii) to see to the payment or discharge of any tax, assessment or
other governmental charge or any Lien or encumbrance of any kind owing with
respect to, assessed or levied against any part of the Trust Estate, (iv) to
confirm or verify the contents of any reports or certificates delivered to the
Indenture Trustee pursuant to this Indenture or the Sale and Servicing Agreement
believed by the Indenture Trustee to be genuine and to have been signed or
presented by the proper party or parties, or (v) to inspect the Financed
Vehicles at any time or ascertain or inquire as to the performance of observance
of any of the Issuer's, the Depositor's or the Servicer's representations,
warranties or covenants or the Servicer's duties and obligations as Servicer and
as custodian of the Receivable Files under the Sale and Servicing Agreement.

            (l) In no event will JPMorgan Chase Bank, in any of its capacities
hereunder, be deemed to have assumed any duties of the Owner Trustee under the
Delaware Statutory Trust Statute, common law, or the Trust Agreement.

            SECTION 6.2 Rights of Indenture Trustee.

            (a) The Indenture Trustee may conclusively rely on any report,
certificate, opinion, statement or other document believed by it to be genuine
and to have been signed or presented by the proper person. The Indenture Trustee
need not investigate any fact or matter stated in the document.

            (b) Before the Indenture Trustee acts or refrains from acting, it
may require an Officer's Certificate or an Opinion of Counsel. The Indenture
Trustee will not be liable for any action it takes or omits to take in good
faith in reliance on the Officer's Certificate or Opinion of Counsel.

            (c) The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee will
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, Triad Financial Corporation, or any other such agent, attorney,
custodian or nominee appointed with due care by it hereunder.

            (d) The Indenture Trustee will not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within its
rights or powers; provided,


                                       43
<PAGE>
however, that the Indenture Trustee's conduct does not constitute willful
misconduct, negligence or bad faith.

            (e) The Indenture Trustee may consult with counsel, and the advice
or opinion of counsel with respect to legal matters relating to this Indenture
and the Notes will be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such counsel.

            (f) The Indenture Trustee will be under no obligation to institute,
conduct or defend any litigation under this Indenture or in relation to this
Indenture, at the request, order or direction of any of the Noteholders or the
Controlling Party, pursuant to the provisions of this Indenture, unless such
Noteholders or the Controlling Party has offered to the Indenture Trustee
reasonable security or indemnity against the costs, expenses and liabilities
that may be incurred therein or thereby; provided, however, that the Indenture
Trustee will, upon the occurrence of an Event of Default (that has not been
cured), exercise the rights and powers vested in it by this Indenture, subject
to Article V, with reasonable care and skill.

            (g) The Indenture Trustee will not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing to do so
by the Insurer (so long as no Insurer Default has occurred and is continuing) or
(if an Insurer Default has occurred and is continuing) by the Noteholders
evidencing not less than 25% of the Outstanding Amount thereof; provided,
however, that if the payment within a reasonable time to the Indenture Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Indenture Trustee, not
reasonably assured to the Indenture Trustee by the security afforded to it by
the terms of this Indenture or the Sale and Servicing Agreement, the Indenture
Trustee may require reasonable indemnity against such cost, expense or liability
as a condition to so proceeding; the reasonable expense of every such
examination will be paid by the Person making such request, or, if paid by the
Indenture Trustee, will be reimbursed by the Person making such request upon
demand.

            (h) The Indenture Trustee will not be liable for any losses on
investments except for losses resulting from the failure of the Indenture
Trustee to make an investment in accordance with instructions given in
accordance hereunder. If the Indenture Trustee acts as the Note Paying Agent or
Note Registrar, the rights and protections afforded to the Indenture Trustee
will be afforded to the Note Paying Agent and Note Registrar.

            (i) The Indenture Trustee will not be required to take notice or be
deemed to have notice or knowledge of any Default or Event of Default or
Servicer Termination Event unless a Responsible Officer of the Indenture Trustee
has received written notice or obtained actual knowledge thereof. In the absence
of receipt of such notice or actual knowledge, the Indenture Trustee may
conclusively assume that there is no Default or Event of Default or Servicer
Termination Event.

            (j) Anything in this Agreement to the contrary notwithstanding, in
no event will the Indenture Trustee be liable for special, indirect or
consequential loss or damage of any


                                       44
<PAGE>
kind whatsoever (including but not limited to lost profits), even if the
Indenture Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

            SECTION 6.3 Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same
rights it would have if it were not Indenture Trustee. Any Note Paying Agent,
Note Registrar, co-registrar or co-Note Paying Agent may do the same with like
rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

            SECTION 6.4 Indenture Trustee's Disclaimer. The Indenture Trustee
will not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Trust Estate or the Notes, it will not be
accountable for the Issuer's use of the proceeds from the Notes, and it will not
be responsible for any statement of the Issuer in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Indenture Trustee's certificate of authentication.

            SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is
continuing and if it is either known by, or written notice of the existence
thereof has been delivered to, a Responsible Officer of the Indenture Trustee,
the Indenture Trustee will mail to each Noteholder and the Insurer (unless an
Insurer Default has occurred and is continuing) notice of the Default within 90
days after such knowledge or notice occurs. Except in the case of a Default in
payment of principal of or interest on any Note (including payments pursuant to
the mandatory redemption provisions of such Note), the Indenture Trustee may
withhold the notice if and so long as it in good faith determines that
withholding the notice is in the interests of Noteholders.

            SECTION 6.6 Reports by Indenture Trustee to Holders. The Indenture
Trustee will deliver to each Noteholder such information as may be reasonably
required to enable such Holder to prepare its federal and State income tax
returns.

            SECTION 6.7 Compensation and Indemnity.

            (a) Pursuant to Section 5.7(a) of the Sale and Servicing Agreement,
the Issuer will, or will cause the Servicer to, pay to the Indenture Trustee and
the Backup Servicer from time to time compensation for its services as per a
separate fee schedule. The Indenture Trustee's compensation will not be limited
by any law on compensation of a trustee of an express trust. The Issuer will, or
will cause the Servicer to, reimburse the Indenture Trustee and the Backup
Servicer for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services.
Such expenses will include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee's and the Backup Servicer's
agents, counsel, accountants and experts. The Issuer will, or will cause the
Servicer to, indemnify the Indenture Trustee and the Backup Servicer and their
respective officers, directors, employees and agents against any and all loss,
liability or expense (including attorneys' fees and expenses) incurred by each
of them in connection with the acceptance or the administration of this Trust
and the performance of its duties hereunder. The Indenture Trustee or the Backup
Servicer will notify the Issuer and the Servicer promptly of any


                                       45
<PAGE>
claim for which it may seek indemnity. Failure by the Indenture Trustee or the
Backup Servicer to so notify the Issuer and the Servicer will not relieve the
Issuer of its obligations hereunder or the Servicer of its obligations under
Section 8.2 and Article XI of the Sale and Servicing Agreement. The Issuer will,
or will cause the Servicer to, defend the claim, and if failure to provide
separate counsel will result in a conflict of interest, the Indenture Trustee or
the Backup Servicer may have separate counsel and the Issuer will cause the
Servicer to pay the fees and expenses of such counsel. Neither the Issuer nor
the Servicer need reimburse any expense or indemnify against any loss, liability
or expense incurred by the Indenture Trustee or the Backup Servicer through the
Indenture Trustee's or the Backup Servicer's own willful misconduct, negligence
or bad faith.

            (b) The Issuer's payment obligations to the Indenture Trustee and
the Backup Servicer pursuant to this Section 6.7 will survive the discharge of
this Indenture or the respective earlier resignation or removal of the Indenture
Trustee or the Backup Servicer. When the Indenture Trustee or the Backup
Servicer incurs expenses after the occurrence of a Default specified in Section
5.1(iv) or (v) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or State bankruptcy, insolvency or similar law.
Notwithstanding anything else set forth in the Basic Documents, the Indenture
Trustee agrees that the obligations of the Issuer (but not the Servicer) to the
Indenture Trustee under the Basic Documents will be recourse to the Trust Estate
only and specifically will not be recourse to the assets of the
Certificateholder or any Noteholder. In addition, the Indenture Trustee agrees
that its recourse to the Issuer, the Trust Estate, the Depositor and amounts
held in the Spread Account will be limited to the right to receive the
distributions referred to in Section 5.7(a) of the Sale and Servicing Agreement
and Section 5.6 hereof.

            SECTION 6.8 Replacement of Indenture Trustee. The Indenture Trustee
may resign at any time by so notifying the Issuer and the Insurer. The Issuer
may, with the consent of the Controlling Party, and will at the request of the
Controlling Party, remove the Indenture Trustee, if:

            (i) the Indenture Trustee fails to comply with Section 6.11;

            (ii) a court having jurisdiction in the premises in respect of the
      Indenture Trustee in an involuntary case or proceeding under federal or
      State banking or bankruptcy laws, as now or hereafter constituted, or any
      other applicable federal or State bankruptcy, insolvency or other similar
      law, has entered a decree or order granting relief or appointing a
      receiver, liquidator, assignee, custodian, trustee, conservator,
      sequestrator (or similar official) for the Indenture Trustee or for any
      substantial part of the Indenture Trustee's property, or ordering the
      winding-up or liquidation of the Indenture Trustee's affairs;

            (iii) an involuntary case under the federal bankruptcy laws, as now
      or hereafter in effect, or another present or future federal or State
      bankruptcy, insolvency or similar law is commenced with respect to the
      Indenture Trustee and such case is not dismissed within 60 days;


                                       46
<PAGE>
            (iv) the Indenture Trustee commences a voluntary case under any
      federal or state banking or bankruptcy laws, as now or hereafter
      constituted, or any other applicable federal or State bankruptcy,
      insolvency or other similar law, or consents to the appointment of or
      taking possession by a receiver, liquidator, assignee, custodian, trustee,
      conservator, sequestrator (or other similar official) for the Indenture
      Trustee or for any substantial part of the Indenture Trustee's property,
      or makes any assignment for the benefit of creditors or fails generally to
      pay its debts as such debts become due or takes any corporate action in
      furtherance of any of the foregoing; or

            (v) the Indenture Trustee otherwise becomes incapable of acting.

            If the Indenture Trustee resigns or is removed or if a vacancy
exists in the office of Indenture Trustee for any reason (the Indenture Trustee
in such event being referred to herein as the retiring Indenture Trustee), the
Issuer will promptly appoint a successor Indenture Trustee acceptable to the
Insurer (so long as no Insurer Default has occurred and is continuing). If the
Issuer fails to appoint such a successor Indenture Trustee, the Insurer may
appoint a successor Indenture Trustee.

            A successor Indenture Trustee will deliver a written acceptance of
its appointment to the retiring Indenture Trustee, the Insurer (provided that no
Insurer Default has occurred and is continuing) and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee will become effective,
subject to satisfaction of the Rating Agency Condition and the successor
Indenture Trustee will have all the rights, powers and duties of the retiring
Indenture Trustee under this Indenture. The successor Indenture Trustee will
mail a notice of its succession to Noteholders. The retiring Indenture Trustee,
at the expense of the Trust, will promptly transfer all property held by it as
Indenture Trustee to the successor Indenture Trustee.

            If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed (notwithstanding that
such resignation or removal is not effective), the retiring Indenture Trustee,
the Issuer or the Holders of a majority in Outstanding Amount of the Notes may
petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

            If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder with the Insurer's consent (unless an Insurer Default exists) may
petition any court of competent jurisdiction for the removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee.

            Any resignation or removal of the Indenture Trustee and appointment
of a successor Indenture Trustee pursuant to any of the provisions of this
Section will not become effective until acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees
and expenses owed to the outgoing Indenture Trustee.

            Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section, the Issuer's and the Servicer's obligations under Section 6.7 will
continue for the benefit of the retiring Indenture Trustee.


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<PAGE>
            SECTION 6.9 Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation
without any further act will be the successor Indenture Trustee; provided, that
the surviving corporation must satisfy the eligibility criteria set forth in
Section 6.11. The Indenture Trustee will provide the Rating Agencies prior
written notice of any such transaction.

            In case at the time such successor or successors by merger,
conversion or consolidation to the Indenture Trustee will succeed to the trusts
created by this Indenture any of the Notes will have been authenticated but not
delivered, any such successor to the Indenture Trustee may adopt the certificate
of authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes will not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates will
have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Indenture Trustee will have.

            SECTION 6.10 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee.

            (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Indenture
Trustee with the consent of the Insurer (so long as no Insurer Default has
occurred and is continuing) will have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust Estate, and to vest in such Person or Persons, in such capacity and for
the benefit of the Noteholders, such title to the Trust Estate, or any part
hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Indenture Trustee may consider
necessary or desirable. No co-trustee or separate trustee hereunder will be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee will be required under Section 6.8 hereof.

            (b) Every separate trustee and co-trustee will, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

            (i) all rights, powers, duties and obligations conferred or imposed
      upon the Indenture Trustee will be conferred or imposed upon and exercised
      or performed by the Indenture Trustee and such separate trustee or
      co-trustee jointly (it being understood that such separate trustee or
      co-trustee is not authorized to act separately without the Indenture
      Trustee joining in such act), except to the extent that under any law of
      any jurisdiction in which any particular act or acts are to be performed
      the Indenture Trustee will be incompetent or unqualified to perform such
      act or acts, in which event such rights, powers, duties and obligations
      (including the holding of title to the Trust Estate or any portion thereof
      in any such jurisdiction) will be exercised and performed singly by such
      separate trustee or co-trustee, but solely at the direction of the
      Indenture Trustee;


                                       48
<PAGE>
            (ii) no trustee hereunder will be personally liable by reason of any
      act or omission of any other trustee hereunder, including acts or
      omissions of predecessor or successor trustees; and

            (iii) the Indenture Trustee may at any time accept the resignation
      of or remove any separate trustee or co-trustee.

            (c) Any notice, request or other writing given to the Indenture
Trustee will be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee will refer to this Agreement and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, will be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument will be filed with
the Indenture Trustee.

            (d) Any separate trustee or co-trustee may at any time constitute
the Indenture Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee will die, dissolve, become insolvent, become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and
trusts will invest in and be exercised by the Indenture Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee.

            (e) Any and all amounts relating to the fees and expenses of the
co-Indenture Trustee or separate Indenture Trustee will be borne by the Trust
Estate.

            SECTION 6.11 Eligibility: Disqualification. The Indenture Trustee
will at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee will have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition and it will have a
long term debt rating of BBB-, or an equivalent rating, or better by the Rating
Agencies. The Indenture Trustee will provide copies of such reports to the
Insurer upon request. The Indenture Trustee will comply with TIA Section 310(b),
including the optional provision permitted by the second sentence of TIA Section
310(b)(9); provided, however, that there will be excluded from the operation of
TIA Section 310(b)(1) any indenture or indentures under which other securities
of the Issuer are outstanding if the requirements for such exclusion set forth
in TIA Section 310(b)(1) are met.

            SECTION 6.12 Preferential Collection of Claims Against Issuer. The
Indenture Trustee will comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned
or been removed will be subject to TIA Section 311(a) to the extent indicated.


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<PAGE>
            SECTION 6.13 Representations and Warranties of the Indenture
Trustee. The Indenture Trustee represents and warrants to the Issuer and to each
Issuer Secured Party as follows:

            (a) Due Organization. The Indenture Trustee is a New York banking
corporation and is duly authorized and licensed under applicable law to conduct
its business as presently conducted.

            (b) Corporate Power. The Indenture Trustee has all requisite right,
power and authority to execute and deliver this Indenture and to perform all of
its duties as Indenture Trustee hereunder.

            (c) Due Authorization. The execution and delivery by the Indenture
Trustee of the Basic Documents to which it is a party, and the performance by
the Indenture Trustee of its duties hereunder and thereunder, have been duly
authorized by all necessary corporate proceedings and no further approvals or
filings, including any governmental approvals, are required for the valid
execution and delivery by the Indenture Trustee, or the performance by the
Indenture Trustee, of the Basic Documents.

            (d) Valid and Binding Indenture. The Indenture Trustee has duly
executed and delivered this Indenture and each other Basic Document to which it
is a party, and each of this Indenture and each such other Basic Document
constitutes the legal, valid and binding obligation of the Indenture Trustee,
enforceable against the Indenture Trustee in accordance with its terms, except
as (i) such enforceability may be limited by bankruptcy, insolvency,
reorganization and similar laws relating to or affecting the enforcement of
creditors' rights generally and (ii) the availability of equitable remedies may
be limited by equitable principles of general applicability.

            SECTION 6.14 Waiver of Setoffs. The Indenture Trustee hereby
expressly waives any and all rights of setoff that the Indenture Trustee may
otherwise at any time have under applicable law with respect to any Trust
Account and agrees that amounts in the Trust Accounts will at all times be held
and applied solely in accordance with the provisions hereof.

            SECTION 6.15 Control by the Controlling Party. The Indenture Trustee
will comply with notices and instructions given by the Issuer only if
accompanied by the written consent of the Controlling Party, except that if any
Event of Default has occurred and is continuing, the Indenture Trustee will act
upon and comply with notices and instructions given by the Controlling Party
alone in the place and stead of the Issuer.

                                  ARTICLE VII

                         Noteholders' Lists and Reports

            SECTION 7.1 Issuer To Furnish To Indenture Trustee Names and
Addresses of Noteholders. The Issuer will furnish or cause to be furnished to
the Indenture Trustee (a) not more than five days after each Record Date, a
list, in such form as the Indenture Trustee may reasonably require, of the names
and addresses of the Holders as of such Record Date, (b) at such other times as
the Indenture Trustee may request in writing, within 30 days after


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<PAGE>
receipt by the Issuer of any such request, a list of similar form and content as
of a date not more than 10 days prior to the time such list is furnished;
provided, however, that so long as the Indenture Trustee is the Note Registrar,
no such list will be required to be furnished. The Indenture Trustee or, if the
Indenture Trustee is not the Note Registrar, the Issuer will furnish to the
Insurer in writing at such times as the Insurer may request a copy of the list.

            SECTION 7.2 Preservation of Information; Communications to
Noteholders.

            (a) The Indenture Trustee will preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders contained in the
most recent list furnished to the Indenture Trustee as provided in Section 7.1
and the names and addresses of Holders received by the Indenture Trustee in its
capacity as Note Registrar. The Indenture Trustee may destroy any list furnished
to it as provided in such Section 7.1 upon receipt of a new list so furnished.

            (b) Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under the
Notes.

            (c) The Issuer, the Indenture Trustee and the Note Registrar will
have the protection of TIA Section 312(c).

            SECTION 7.3 Reports by Issuer.

            (a) The Issuer will:

            (i) file with the Indenture Trustee, within 15 days after the Issuer
      is required to file the same with the Commission, copies of the annual
      reports and of the information, documents and other reports (or copies of
      such portions of any of the foregoing as the Commission may from time to
      time by rules and regulations prescribe) which the Issuer may be required
      to file with the Commission pursuant to Section 13 or 15(d) of the
      Exchange Act;

            (ii) file with the Indenture Trustee and the Commission in
      accordance with rules and regulations prescribed from time to time by the
      Commission such additional information, documents and reports with respect
      to compliance by the Issuer with the conditions and covenants of this
      Indenture as may be required from time to time by such rules and
      regulations; and

            (iii) supply to the Indenture Trustee (and the Indenture Trustee
      will transmit by mail to all Noteholders described in TIA Section 313(c))
      such summaries of any information, documents and reports required to be
      filed by the Issuer pursuant to clauses (i) and (ii) of this Section
      7.3(a) as may be required by rules and regulations prescribed from time to
      time by the Commission.

            (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer will end on December 31 of each year.


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<PAGE>
            SECTION 7.4 Reports by Indenture Trustee. If required by TIA Section
313(a), within 60 days after each May 31, beginning with May 31, 2004, the
Indenture Trustee will mail to each Noteholder as required by TIA Section 313(c)
a brief report dated as of such date that complies with TIA Section 313(a). The
Indenture Trustee also will comply with TIA Section 313(b).

            A copy of each report at the time of its mailing to Noteholders will
be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer will notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

                                  ARTICLE VIII

                      Accounts, Disbursements and Releases

            SECTION 8.1 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
will receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture and the Sale and
Servicing Agreement. The Indenture Trustee will apply all such money received by
it as provided in this Indenture and the Sale and Servicing Agreement. Except as
otherwise expressly provided in this Indenture or in the Sale and Servicing
Agreement, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Trust Estate, the
Indenture Trustee may take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate
proceedings. Any such action will be without prejudice to any right to claim a
Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V.

            SECTION 8.2 Release of Trust Estate.

            (a) Subject to the payment of its fees and expenses and other
amounts pursuant to Section 6.7, the Indenture Trustee may (with the Insurer's
consent, so long as the Insurer is the Controlling Party), and will at the
Controlling Party's direction, execute instruments to release property from the
lien of this Indenture, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article VIII
will be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
moneys.

            (b) The Indenture Trustee will, at such time as there are no Notes
outstanding, all sums due the Indenture Trustee pursuant to Section 6.7 and all
sums due the Insurer under the Insurance Agreement have been paid, release any
remaining portion of the Trust Estate that secured the Notes from the lien of
this Indenture and release to the Issuer or any other Person entitled thereto
any funds then on deposit in the Trust Accounts. The Indenture Trustee will
release property from the lien of this Indenture pursuant to this Section 8.2(b)
only upon receipt of an Issuer Request accompanied by an Officer's Certificate,
an Opinion of


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<PAGE>
Counsel and (if required by the TIA) Independent Certificates in accordance with
TIA Section 314(c) and 314(d)(1) meeting the applicable requirements of Section
11.1.

            SECTION 8.3 Opinion of Counsel. The Indenture Trustee will receive
at least seven days' notice when requested by the Issuer to take any action
pursuant to Section 8.2(a), accompanied by copies of any instruments involved,
and the Indenture Trustee may also require, as a condition to such action, an
Opinion of Counsel in form and substance satisfactory to the Indenture Trustee,
stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel will not be required to express an opinion as to the fair
value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.

                                   ARTICLE IX

                             Supplemental Indentures

            SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.
Without the consent of the Holders of any Notes but with the consent of the
Insurer (unless an Insurer Default has occurred and is continuing) and with
prior notice to the Rating Agencies by the Issuer, as evidenced to the Indenture
Trustee, the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which will conform to the provisions of the Trust Indenture
Act as in force at the date of the execution thereof), in form satisfactory to
the Indenture Trustee, for any of the following purposes; provided that such
action will not adversely affect the interests of the Holders of the Notes or of
the Insurer as evidenced by an Opinion of Counsel to the Issuer:

            (i) to correct or amplify the description of any property at any
      time subject to the lien of this Indenture, or better to assure, convey
      and confirm unto the Indenture Trustee any property subject or required to
      be subjected to the lien of this Indenture, or to subject to the lien of
      this Indenture additional property;

            (ii) to evidence the succession, in compliance with the applicable
      provisions hereof, of another person to the Issuer, and the assumption by
      any such successor of the covenants of the Issuer herein and in the Notes
      contained;

            (iii) to add to the covenants of the Issuer, for the benefit of the
      Holders of the Notes, or to surrender any right or power herein conferred
      upon the Issuer;

            (iv) to convey, transfer, assign, mortgage or pledge any property to
      or with the Indenture Trustee;

            (v) to cure any ambiguity, to correct or supplement any provision
      herein or in any supplemental indenture which may be inconsistent with any
      other provision herein or


                                       53
<PAGE>
      in any supplemental indenture or to make any other provisions with respect
      to matters or questions arising under this Indenture or in any
      supplemental indenture;

            (vi) to evidence and provide for the acceptance of the appointment
      hereunder by a successor trustee with respect to the Notes and to add to
      or change any of the provisions of this Indenture as will be necessary to
      facilitate the administration of the trusts hereunder by more than one
      trustee, pursuant to the requirements of Article VI; or

            (vii) to modify, eliminate or add to the provisions of this
      Indenture to such extent as will be necessary to effect the qualification
      of this Indenture under the TIA or under any similar federal statute
      hereafter enacted and to add to this Indenture such other provisions as
      may be expressly required by the TIA.

            The Indenture Trustee is hereby authorized to join in the execution
of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained.

            SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies, with the consent of the Insurer
(unless an Insurer Default has occurred and is continuing) and with the consent
of the Majority Noteholders, by Act of such Holders delivered to the Issuer and
the Indenture Trustee, enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Holders of the Notes under this Indenture; provided,
however, that, if an Insurer Default has occurred and is continuing, such
supplemental indenture will not materially and adversely affect the interests of
the Insurer; provided further, that subject to the express rights of the Insurer
under the Basic Documents, no such supplemental indenture will, without the
consent of the Holder of each Outstanding Note affected thereby:

            (i) change the date of payment of any installment of principal of or
      interest on any Note, or reduce the principal amount thereof, the interest
      rate thereon or the Redemption Price with respect thereto, change the
      provision of this Indenture relating to the application of collections on,
      or the proceeds of the sale of, the Trust Estate to payment of principal
      of or interest on the Notes, or change any place of payment where, or the
      coin or currency in which, any Note or the interest thereon is payable;

            (ii) impair the right to institute suit for the enforcement of the
      provisions of this Indenture requiring the application of funds available
      therefor, as provided in Article V, to the payment of any such amount due
      on the Notes on or after the respective due dates thereof (or, in the case
      of redemption, on or after the Redemption Date);

            (iii) reduce the percentage of the Outstanding Amount of the Notes,
      the consent of the Holders of which is required for any such supplemental
      indenture, or the consent of the Holders of which is required for any
      waiver of compliance with certain provisions of this Indenture or certain
      defaults hereunder and their consequences provided for in this Indenture;


                                       54
<PAGE>
            (iv) modify or alter the provisions of the proviso to the definition
      of the term "Outstanding";

            (v) reduce the percentage of the Outstanding Amount of the Notes
      required to direct the Indenture Trustee to sell or liquidate the Trust
      Estate pursuant to Section 5.4;

            (vi) modify any provision of this Section except to increase any
      percentage specified herein or to provide that certain additional
      provisions of the Basic Documents cannot be modified or waived without the
      consent of the Holder of each Outstanding Note affected thereby;

            (vii) modify any of the provisions of this Indenture in such manner
      as to affect the calculation of the amount of any payment of interest or
      principal due on any Note on any Distribution Date (including the
      calculation of any of the individual components of such calculation) or to
      affect the rights of the Noteholders to the benefit of any provisions for
      the mandatory redemption of the Notes contained herein; or

            (viii) permit the creation of any lien ranking prior to or on a
      parity with the lien of this Indenture with respect to any part of the
      Trust Estate or, except as otherwise permitted or contemplated in any of
      the Basic Documents, terminate the lien of this Indenture on any property
      at any time subject hereto or deprive the Holder of any Note of the
      security provided by the lien of this Indenture.

            The Indenture Trustee may determine whether or not any Notes would
be affected by any supplemental indenture and any such determination will be
conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The Indenture Trustee will not be liable
for any such determination made in good faith.

            It will not be necessary for any Act of Noteholders under this
Section 9.2 to approve the particular form of any proposed supplemental
indenture, but it will be sufficient if such Act will approve the substance
thereof.

            Promptly after the execution by the Issuer and the Indenture Trustee
of any supplemental indenture pursuant to this Section 9.2, the Indenture
Trustee will mail to the Holders of the Notes to which such amendment or
supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, will not, however, in any way impair
or affect the validity of any such supplemental indenture.

            SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the amendments or modifications thereby of the
trusts created by this Indenture, the Indenture Trustee will be entitled to
receive, and will be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Indenture Trustee may, but will not be
obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.


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<PAGE>
            SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
will be and be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Holders of the Notes will thereafter
be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture will be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

            SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX will conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture will then be qualified under the Trust
Indenture Act.

            SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee will,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee will so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE X

                               Redemption of Notes

            SECTION 10.1 Redemption.

            (a) The Notes are subject to redemption in whole, but not in part,
at the direction of the Servicer pursuant to Section 10.1(a) of the Sale and
Servicing Agreement, on any Distribution Date on which the Servicer exercises
its option to purchase the Owner Trust Estate, other than the Trust Accounts
(with the consent of the Insurer if such purchase would result in a claim on the
Note Policy or would result in any amount owing to the Insurer under the
Insurance Agreement remaining unpaid), which Distribution Date shall be after
the last day of any Collection Period as of which the Pool Balance will be less
than or equal to 10% of the Original Pool Balance, for a purchase price equal to
the Redemption Price. The Servicer or the Issuer will furnish the Insurer and
the Rating Agencies notice of such redemption. If the Notes are to be redeemed
pursuant to this Section 10.1(a), the Servicer or the Issuer will furnish notice
of such election to the Indenture Trustee not later than 25 days prior to the
Redemption Date and the Issuer will deposit with the Indenture Trustee in the
Collection Account the Redemption Price of the Notes to be redeemed at least two
Business Days prior to the Redemption Date whereupon all such Notes will be due
and payable on the Redemption Date upon the furnishing of a notice complying
with Section 10.2 to each Holder of Notes.


                                       56
<PAGE>
            (b) In the event that the assets of the Trust are distributed
pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the
Note Distribution Account will be paid to the Noteholders up to the Outstanding
Amount of the Notes and all accrued and unpaid interest thereon. If amounts are
to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the
Issuer will, to the extent practicable, furnish notice of such event to the
Indenture Trustee not later than 45 days prior to the Redemption Date whereupon
all such amounts will be payable on the Redemption Date.

            SECTION 10.2 Form of Redemption Notice.

            Notice of redemption under Section 10.1 will be given by the
Indenture Trustee by facsimile or by first-class mail, postage prepaid,
transmitted or mailed prior to the applicable Redemption Date to each Holder of
Notes, as of the close of business on the Record Date preceding the applicable
Redemption Date, at such Holder's address appearing in the Note Register.

            All notices of redemption will state:

            (i) the Redemption Date;

            (ii) the Redemption Price;

            (iii) that the Record Date otherwise applicable to such Redemption
      Date is not applicable and that payments will be made only upon
      presentation and surrender of such Notes and the place where such Notes
      are to be surrendered for payment of the Redemption Price (which will be
      the office or agency of the Issuer to be maintained as provided in Section
      3.2); and

            (iv) that interest on the Notes will cease to accrue on the
      Redemption Date.

            Notice of redemption of the Notes will be given by the Indenture
Trustee in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Holder of any Note will not impair or
affect the validity of the redemption of any other Note.

            SECTION 10.3 Notes Payable on Redemption Date. The Notes to be
redeemed will, following notice of redemption as required by Section 10.2 (in
the case of redemption pursuant to Section 10.1(a)), on the Redemption Date
become due and payable at the Redemption Price and (unless the Issuer will
default in the payment of the Redemption Price) no interest will accrue on the
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

                                   ARTICLE XI

                                  Miscellaneous

            SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any


                                       57
<PAGE>
provision of this Indenture, the Issuer will furnish to the Indenture Trustee
and to the Insurer (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) if requested by the Indenture Trustee an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) (if required by
the TIA) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section, except that, in the case of
any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

            (a) Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture will include:

            (i) a statement that each signatory of such certificate or opinion
      has read or has caused to be read such covenant or condition and the
      definitions herein relating thereto;

            (ii) a brief statement as to the nature and scope of the examination
      or investigation upon which the statements or opinions contained in such
      certificate or opinion are based;

            (iii) a statement that, in the opinion of each such signatory, such
      signatory has made such examination or investigation as is necessary to
      enable such signatory to express an informed opinion as to whether or not
      such covenant or condition has been complied with; and

            (iv) a statement as to whether, in the opinion of each such
      signatory, such condition or covenant has been complied with.

            (b) (i)(i) Prior to the deposit of any Collateral or other property
or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture,
other than in connection with a release of any Purchased Receivable or
Liquidated Receivable, the Issuer will, in addition to any obligation imposed in
Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee
and the Insurer an Officer's Certificate certifying or stating the opinion of
each person signing such certificate as to the fair value (within 90 days of
such deposit) to the Issuer of the Collateral or other property or securities to
be so deposited.

            (ii) Whenever the Issuer is required to furnish to the Indenture
      Trustee and the Insurer an Officer's Certificate certifying or stating the
      opinion of any signer thereof as to the matters described in clause (i)
      above, the Issuer will also deliver to the Indenture Trustee and the
      Insurer an Independent Certificate as to the same matters, if the fair
      value to the Issuer of the securities to be so deposited and of all other
      such securities made the basis of any such withdrawal or release since the
      commencement of the then-current fiscal year of the Issuer, as set forth
      in the certificates delivered pursuant to clause (i) above and this clause
      (ii), is 10% or more of the Outstanding Amount of the Notes, but such a
      certificate need not be furnished with respect to any securities so
      deposited, if the


                                       58
<PAGE>
      fair value thereof to the Issuer as set forth in the related Officer's
      Certificate is less than $25,000 or less than 1% of the Outstanding Amount
      of the Notes.

            (iii) Other than with respect to the release of any Purchased
      Receivables or Liquidated Receivables, whenever any property or securities
      are to be released from the lien of this Indenture, the Issuer will also
      furnish to the Indenture Trustee and the Insurer an Officer's Certificate
      certifying or stating the opinion of each person signing such certificate
      as to the fair value (within 90 days of such release) of the property or
      securities proposed to be released and stating that in the opinion of such
      person the proposed release will not impair the security under this
      Indenture in contravention of the provisions hereof.

            (iv) Whenever the Issuer is required to furnish to the Indenture
      Trustee and the Insurer an Officer's Certificate certifying or stating the
      opinion of any signer thereof as to the matters described in clause (iii)
      above, the Issuer will also furnish to the Indenture Trustee and the
      Insurer an Independent Certificate as to the same matters if the fair
      value of the property or securities and of all other property other than
      Purchased Receivables and Liquidated Receivables, or securities released
      from the lien of this Indenture since the commencement of the then current
      calendar year, as set forth in the certificates required by clause (iii)
      above and this clause (iv), equals 10% or more of the Outstanding Amount
      of the Notes, but such certificate need not be furnished in the case of
      any release of property or securities if the fair value thereof as set
      forth in the related Officer's Certificate is less than $25,000 or less
      than 1 percent of the then Outstanding Amount of the Notes.

            (v) Notwithstanding Section 2.9 or any other provision of this
      Section 11.1(b), the Issuer may (A) collect, liquidate, sell or otherwise
      dispose of Receivables as and to the extent permitted or required by the
      Basic Documents and (B) make cash payments out of the Trust Accounts as
      and to the extent permitted or required by the Basic Documents.

            SECTION 11.2 Form of Documents Delivered to Indenture Trustee. In
any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

            Any certificate or opinion of an Authorized Officer of the Issuer
may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Servicer, the Depositor or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Servicer, the
Depositor or the Issuer, unless such counsel knows, or in the exercise of
reasonable


                                       59
<PAGE>
care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.

            Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

            Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
will deliver any document as a condition of the granting of such application, or
as evidence of the Issuer's compliance with any term hereof, it is intended that
the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document will in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing will not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

            SECTION 11.3 Acts of Noteholders.

            (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action will become effective when such instrument or instruments are
delivered to the Indenture Trustee, and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent will be sufficient for
any purpose of this Indenture and (subject to Section 6.1) conclusive in favor
of the Indenture Trustee and the Issuer, if made in the manner provided in this
Section 11.3.

            (b) The fact and date of the execution by any person of any such
instrument or writing may be proved in any customary manner of the Indenture
Trustee.

            (c) The ownership of Notes will be proved by the Note Register.

            (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Notes will bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Note.

            SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies. All demands, notices and communications hereunder will be in writing
and will be deemed to have been duly given to the addressee if mailed, by
first-class registered mail, postage prepaid service, confirmed facsimile
transmission, or a nationally recognized express courier, as follows:


                                       60
<PAGE>
    If to the Indenture Trustee:       JPMorgan Chase Bank
                                       4 New York Plaza, 6th Floor
                                       New York, New York 10004-2477
                                       Attention: Institutional Trust Services -
                                       Triad 2004-A

    If to the Issuer:                  Triad Automobile Receivables Trust 2004-A
                                       in care of Wilmington Trust Company
                                       Rodney Square North
                                       1100 N. Market Street
                                       Wilmington, Delaware 19890

    with a copy to:                    Triad Financial Corporation
                                       7711 Center Avenue, Suite 100
                                       Huntington Beach, CA 92647
                                       Attention: Chief Financial Officer
                                       with a separate copy mailed to the
                                       attention of: Vice President, Legal

The Issuer will promptly transmit any notice received by it from the Noteholders
to the Indenture Trustee.

    If to the Insurer:                 Ambac Assurance Corporation
                                       One State Street Plaza
                                       New York, New York 10004

In each case in which notice or other communication to the Insurer refers to an
Event of Default, a claim on the Note Policy or with respect to which failure on
the part of the Insurer to respond will be deemed to constitute consent or
acceptance, then a copy of such notice or other communication should also be
sent to the attention of the General Counsel "URGENT MATERIAL ENCLOSED."

     If to Moody's:                     Moody's Investors Service, Inc.
                                        99 Church Street, 4th Floor
                                        New York, New York 10007
                                        Attention: ABS Monitoring Department

     If to Standard & Poor's:           Standard & Poor's
                                        A Division of The McGraw-Hill Companies,
                                        Inc.
                                        55 Water Street, 40th Floor
                                        New York, New York 10041
                                        Attention of Asset Backed Surveillance
                                        Department

     If to Fitch Ratings:               Fitch Ratings
                                        One State Street Plaza


                                       61
<PAGE>
                                        New York, New York  10004
                                        Attention:  ABS Group.

or, as to each of the foregoing, at such other address as will be designated by
written notice to the other parties. Any such demand, notice or communication
hereunder will be deemed to have been received on the date delivered to or
received at the premises of the addressee as evidenced by the date noted on the
return receipt.

            SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice will be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder will affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner here
in provided will conclusively be presumed to have been duly given.

            Where this Indenture provides for notice in any manner, such notice
may be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver will be the equivalent of such
notice. Waivers of notice by Noteholders will be filed with the Indenture
Trustee but such filing will not be a condition precedent to the validity of any
action taken in reliance upon such a waiver.

            In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it will be impractical to
mail notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as will be satisfactory to the Indenture Trustee will be deemed to be a
sufficient giving of such notice.

            Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice will not affect any other rights or obligations
created hereunder, and will not under any circumstance constitute a Default or
Event of Default.

            SECTION 11.6 [Reserved].

            SECTION 11.7 Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision will control.

            The provisions of TIA Sections 310 through 317 that impose
duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern
this Indenture, whether or not physically contained herein.


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<PAGE>
            SECTION 11.8 Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and will not affect the construction hereof.

            SECTION 11.9 Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer will bind its successors and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this
Indenture will bind its successors.

            SECTION 11.10 Separability. In case any provision in this Indenture
or in the Notes will be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions will not in any way be
affected or impaired thereby.

            SECTION 11.11 Benefits of Indenture. The Insurer and its successors
and assigns will be a third-party beneficiary to the provisions of this
Indenture, and will be entitled to rely upon and directly to enforce such
provisions of this Indenture so long as no Insurer Default has occurred and is
continuing. Nothing in this Indenture or in the Notes, express or implied, will
give to any Person, other than the parties hereto and their successors
hereunder, the Insurer, and the Noteholders, and any other party secured
hereunder, and any other person with an ownership interest in any part of the
Trust Estate, any benefit or any legal or equitable right, remedy or claim under
this Indenture. The Insurer may disclaim any of its rights and powers under this
Indenture (in which case the Indenture Trustee may exercise such right or power
hereunder), but not its duties and obligations under the Note Policy, upon
delivery of a written notice to the Indenture Trustee.

            In exercising any of its voting rights, rights to direct or consent
or any other rights as the Insurer under this Indenture or any other Basic
Document, subject to the terms and conditions of this Indenture, the Insurer
will not have any obligation or duty to any Person to consider or take into
account the interests of any Person and will not be liable to any Person for any
action taken by it or at its discretion or any failure by it to act or to direct
that any action be taken, without regard to whether such inaction or action
benefits or adversely affects any Noteholder, the Issuer or any other Person.

            Without limiting the generality of this Section 11.11, the Insurer,
so long as it is the Controlling Party, will be entitled to instruct the
Indenture Trustee, by delivery of a written direction in the form of a Removal
Direction (as defined in Section 1.3 of the Intercreditor Agreement, dated as of
October 1, 2003, among Triad Financial Corporation, JPMorgan Chase Bank, as
Agent, and the other parties thereto), to remove the Servicer in accordance with
such direction if the Insurer has terminated the Servicer pursuant to the terms
of the Sale and Servicing Agreement, and the Indenture Trustee will, upon
receipt of such Removal Direction from the Insurer, act in accordance with the
instructions of the Insurer and in accordance with the procedures as set forth
in Section 1.3 of the Intercreditor Agreement.

            SECTION 11.12 Legal Holidays. In any case where the date on which
any payment is due will not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next


                                       63
<PAGE>
succeeding Business Day with the same force and effect as if made on the date an
which nominally due, and no interest will accrue for the period from and after
any such nominal date.

            SECTION 11.13 Governing Law. THIS INDENTURE WILL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER WILL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

            SECTION 11.14 Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed will be deemed to be an
original, but all such counterparts will together constitute but one and the
same instrument.

            SECTION 11.15 Recording of Indenture. If this Indenture is subject
to recording in any appropriate public recording offices, such recording is to
be effected by the Issuer and at its expense accompanied by an Opinion of
Counsel (which may be counsel to the Indenture Trustee or any other counsel
reasonably acceptable to the Indenture Trustee and the Insurer) to the effect
that such recording is necessary either for the protection of the Noteholders or
any other person secured hereunder or for the enforcement of any right or remedy
granted to the Indenture Trustee under this Indenture.

            SECTION 11.16 Trust Obligation. No recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Depositor, the
Servicer, the Owner Trustee, the Backup Servicer or the Indenture Trustee on the
Notes or under this Indenture, any other Basic Document or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Depositor, the Servicer, the Indenture Trustee, the Backup Servicer or the Owner
Trustee (including in its individual capacity), (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Depositor, the Servicer, the Indenture
Trustee, the Backup Servicer or the Owner Trustee (including in its individual
capacity), any holder of a beneficial interest in the Issuer, the Depositor, the
Servicer, the Owner Trustee, the Backup Servicer or the Indenture Trustee or of
any successor or assign of the Depositor, the Servicer, the Indenture Trustee,
the Backup Servicer or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the
Indenture Trustee, the Backup Servicer and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary will be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee will be subject to, and entitled to the benefits
of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

            SECTION 11.17 Limitation of Liability of Owner Trustee.

            Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by Wilmington Trust Company not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer and in no
event will Wilmington Trust Company in its individual capacity or, except as
expressly provided in the Trust Agreement, as Owner Trustee


                                       64
<PAGE>
have any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or in any of the certificates, notices
or agreements delivered pursuant hereto, as to all of which recourse will be had
solely to the assets of the Issuer. For all purposes of this Agreement, in the
performance of its duties or obligations hereunder or in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee will be subject
to, and entitled to the benefits of, the terms and provisions of Articles V, VI
and VII of the Trust Agreement.

            SECTION 11.18 No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
agree that they will not at any time institute against the Depositor or the
Issuer, or join in any institution against the Depositor or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or State bankruptcy or
similar law in connection with any obligations relating to the Notes, any of the
Basic Documents.

            SECTION 11.19 Inspection. The Issuer agrees that, on reasonable
prior notice, it will permit any representative of the Indenture Trustee or of
the Insurer, during the Issuer's normal business hours, to examine all the books
of account, records, reports, and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees, and independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested.

            SECTION 11.20 Nonpublic Personal Information

            In the course of carrying out their duties under this Indenture, the
Indenture Trustee and the Issuer shall develop or receive certain information
regarding the "consumers" and "customers" of the Servicer, including but not
limited to "nonpublic personal information," (as those terms are defined in
Title V of the Gramm-Leach-Bliley Act and the privacy regulations adopted
thereunder). Notwithstanding any other provision of this Indenture, with respect
to nonpublic personal information about the customers and consumers of the
Servicer, each of the Indenture Trustee and the Issuer agrees as follows: (i)
except as may be reasonably necessary in the ordinary course of business to
carry out the activities to be performed by the Indenture Trustee or the Issuer
under this Indenture or as may be required by law or legal process, it will not
disclose any such nonpublic personal information to any third party; (ii) it
will not use any such nonpublic personal information other than to carry out the
purposes for which it was disclosed to the Indenture Trustee or the Issuer, as
applicable, unless such other use is expressly permitted by a written agreement
executed by the Servicer or required by law or legal process; (iii) it shall
restrict disclosure of the information solely to those of its employees with a
need to know and will advise employees who receive the information of the
obligation of confidentiality hereunder; and (iv) it will take all reasonable
measures, including without limitation such measures as it takes to safeguard
its own confidential information, to ensure the security and confidentiality of
all such nonpublic personal information, to protect against anticipated threats
or hazards to the security or integrity of such nonpublic personal information
and to protect against unauthorized access to or use of such nonpublic personal
information. The Servicer shall have access (during normal business hours, upon
reasonable prior notice) to


                                       65
<PAGE>
review such books and records of the Indenture Trustee and the Issuer as may be
necessary to assess compliance with the requirements of this Section 11.20. All
costs and expenses of such a review shall be borne solely by the Servicer,
unless the results of such review indicate a breach of this Section 11.20 by the
Indenture Trustee or the Issuer. The Indenture Trustee or the Issuer, as
applicable, shall promptly notify the Servicer if it receives any complaint or
notice concerning a violation of privacy rights or becomes aware of a breach of
customer data security. Upon termination of this Indenture, the Indenture
Trustee and the Issuer shall return or destroy all nonpublic personal
information, without retaining any copies of such documents and records


                                       66
<PAGE>
            IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused
this Indenture to be duly executed by their respective officers, hereunto duly
authorized, all as of the day and year first above written.

                                   TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A,

                                   By: WILMINGTON TRUST COMPANY, not in
                                       its individual capacity but solely as
                                       Owner Trustee of the Trust

                                   By: /s/ ANITA E. DALLAGO
                                      ---------------------------------------
                                        Name:  Anita E. Dallago
                                        Title: Senior Financial Service Officer

                                   JPMORGAN CHASE BANK,
                                   not in its individual capacity but solely as
                                   Indenture Trustee

                                   By: /s/ MICHAEL A. SMITH
                                      ----------------------------------------
                                        Name:  Michael A. Smith
                                        Title: Vice President

                                   [Indenture]
<PAGE>
                                                                     EXHIBIT A-1

REGISTERED                                                         $124,000,000

No. RB-A-1

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                             CUSIP NO. 89578SAE3

            Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

            NO TRANSFER OF THIS NOTE WILL BE PERMITTED TO BE MADE TO ANY PERSON
UNLESS THE INDENTURE TRUSTEE HAS RECEIVED A CERTIFICATE FROM SUCH TRANSFEREE TO
THE EFFECT THAT EITHER (I) THE TRANSFEREE IS NOT AND IS NOT ACTING ON BEHALF OF
OR INVESTING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA")) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A "PLAN"
(AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE ASSETS OF A PLAN DESCRIBED IN
(A) OR (B) ABOVE BY REASON OF SUCH PLAN'S INVESTMENT IN THE ENTITY (INCLUDING,
WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT) OR (II) THE
TRANSFEREE'S ACQUISITION AND CONTINUED HOLDING OF THIS NOTE WILL BE ELIGIBLE
FOR, AND SATISFY ALL REQUIREMENTS OF, A DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION. EACH TRANSFEREE OF A BENEFICIAL INTEREST IN THIS
NOTE WILL BE DEEMED TO HAVE MADE ONE OF THE FOREGOING REPRESENTATIONS.

            THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                    TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                        CLASS A-1 1.07% ASSET BACKED NOTE


                                     A-1-1
<PAGE>
            Triad Automobile Receivables Trust 2004-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of ONE HUNDRED TWENTY-FOUR MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $124,000,000
and the denominator of which is $124,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-1 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note will be due and payable on March 14, 2005
(the "Final Scheduled Distribution Date"). The Issuer will pay interest on this
Note at the rate per annum shown above on each Distribution Date until the
principal of this Note is paid or made available for payment. Interest on this
Note will accrue for each Distribution Date from the most recent Distribution
Date on which interest has been paid to but excluding such Distribution Date or,
if no interest has yet been paid, from March 18, 2004. Interest will be computed
on the basis of a 360-day year and the actual number of days in the related
Interest Period. Such principal of and interest on this Note will be paid in the
manner specified on the reverse hereof.

            The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note will be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

            The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "Note Policy") issued by Ambac Assurance Corporation (the
"Insurer"), pursuant to which the Insurer has unconditionally guaranteed
payments of Scheduled Payments with respect to each Distribution Date, all as
more fully set forth in the Note Policy, the Indenture and the Sale and
Servicing Agreement.

            Reference is made to the further provisions of this Note set forth
on the reverse hereof, which will have the same effect as though fully set forth
on the face of this Note.

            Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
will not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.


                                     A-1-2
<PAGE>
            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                   TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                                   By: WILMINGTON TRUST COMPANY, not in its
                                       individual capacity but solely as
                                       Owner Trustee of the Trust

                                   By:
                                      --------------------------------------
                                       Name:
                                       Title:

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date: March __, 2004                JPMORGAN CHASE BANK, not in its individual
                                    capacity but solely as Indenture Trustee


                                    By:
                                       ----------------------------------------
                                        Authorized Officer


                                     A-1-3
<PAGE>
                                [REVERSE OF NOTE]

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 1.07% Asset Backed Notes (herein called the "Class
A-1 Notes"), all issued under an Indenture dated as of March 1, 2004 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee," which term includes any successor Indenture Trustee under the
Indenture) to which the Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended, will
have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (together, the "Notes") are and will be
secured by the collateral pledged as security therefor as provided in the
Indenture.

            Principal of the Class A-1 Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the 12th day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing April 12, 2004. The term
"Distribution Date," will be deemed to include the Final Scheduled Distribution
Date.

            As described above, the entire unpaid principal amount of this Note
will be due and payable on the earlier of the Final Scheduled Distribution Date
and the Redemption Date, if any, pursuant to the Indenture. As described above,
a portion of the unpaid principal balance of this Note will be due and payable
on each Distribution Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes will be due and payable on the date on which an
Event of Default has occurred and is continuing and the Indenture Trustee has
declared the Notes to be immediately due and payable or the Notes have
automatically become due and payable, in each case, in the manner provided in
the Indenture. All principal payments on the Class A-1 Notes will be made pro
rata to the Class A-1 Noteholders entitled thereto.

            Payments of interest and principal on this Note on each Distribution
Date will be made by check mailed to the Person whose name appears as the Holder
of this Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date or by wire transfer in immediately
available funds pursuant to the terms of the Indenture. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by
any payments made on any Distribution Date will be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Holder hereof as of the Record
Date preceding such Distribution Date by notice mailed prior to such
Distribution Date and the amount then due and payable will be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal


                                     A-1-4
<PAGE>
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in New York, New York.

            The Issuer will pay interest on overdue installments of interest at
the Class A-1 Interest Rate to the extent lawful.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Indenture Trustee may require, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent,
officer, director or employee of the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Depositor,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary will be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity, and (ii) to treat
the Notes as indebtedness for purposes of federal income, state and local income
and franchise and any other income taxes.

            Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insurer and any agent of the
Issuer, the Indenture Trustee or the Insurer may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Indenture
Trustee, the Insurer nor any such agent will be affected by notice to the
contrary.


                                     A-1-5
<PAGE>
            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) will be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

            The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

            The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

            The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

            This Note and the Indenture will be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder will be determined in accordance with such laws.

            No reference herein to the Indenture and no provision of this Note
or of the Indenture will alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Wilmington Trust Company in its
individual capacity, any owner of a beneficial interest in the Issuer, nor any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns will be personally liable for, nor will
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
for the sole purposes of binding the assets of the Issuer. The Holder of this
Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder will have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein will be
taken to prevent recourse to, and enforcement


                                     A-1-6
<PAGE>
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                            [statement of insurance]


                                     A-1-7
<PAGE>
                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                         (1)
     -------------------------      ---------------------------------
                                    Signature Guaranteed:

-------------------------------      --------------------------------

----------------
(1)   NOTE: The signature to this assignment must correspond with the name of
      the registered owner as it appears on the face of the within Note in every
      particular, without alteration, enlargement or any change whatsoever.


                                     A-1-8
<PAGE>
                                                                     EXHIBIT A-2

REGISTERED                                                          $228,000,000

No. RB-A-2-1

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                             CUSIP NO. 89578SAF0

            Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

            NO TRANSFER OF THIS NOTE WILL BE PERMITTED TO BE MADE TO ANY PERSON
UNLESS THE INDENTURE TRUSTEE HAS RECEIVED A CERTIFICATE FROM SUCH TRANSFEREE TO
THE EFFECT THAT EITHER (I) THE TRANSFEREE IS NOT AND IS NOT ACTING ON BEHALF OF
OR INVESTING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA")) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A "PLAN"
(AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE ASSETS OF A PLAN DESCRIBED IN
(A) OR (B) ABOVE BY REASON OF SUCH PLAN'S INVESTMENT IN THE ENTITY (INCLUDING,
WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT) OR (II) THE
TRANSFEREE'S ACQUISITION AND CONTINUED HOLDING OF THIS NOTE WILL BE ELIGIBLE
FOR, AND SATISFY ALL REQUIREMENTS OF, A DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION. EACH TRANSFEREE OF A BENEFICIAL INTEREST IN THIS
NOTE WILL BE DEEMED TO HAVE MADE ONE OF THE FOREGOING REPRESENTATIONS.

            THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                    TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                        CLASS A-2 1.40% ASSET BACKED NOTE


                                     A-2-1
<PAGE>
            Triad Automobile Receivables Trust 2004-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED TWENTY-EIGHT MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $228,000,000
and the denominator of which is $228,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-2 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note will be due and payable on September 12,
2007 (the "Final Scheduled Distribution Date"). The Issuer will pay interest on
this Note at the rate per annum shown above on each Distribution Date until the
principal of this Note is paid or made available for payment. Interest on this
Note will accrue for each Distribution Date from and including the twelfth day
of the prior calendar month (or in the case of the first Distribution Date, from
and including the Closing Date) to, but excluding, the twelfth day of the
calendar month in which such Distribution Date occurs. Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months. Such
principal of and interest on this Note will be paid in the manner specified on
the reverse hereof.

            The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note will be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

            The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "Note Policy") issued by Ambac Assurance Corporation (the
"Insurer"), pursuant to which the Insurer has unconditionally guaranteed
payments of the Scheduled Payments with respect to each Distribution Date, all
as more fully set forth in the Note Policy, the Indenture and the Sale and
Servicing Agreement.

            Reference is made to the further provisions of this Note set forth
on the reverse hereof, which will have the same effect as though fully set forth
on the face of this Note.

            Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
will not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.


                                     A-2-2
<PAGE>
            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                                By: WILMINGTON TRUST COMPANY, not in its
                                    individual capacity but solely as
                                    Owner Trustee of the Trust

                                By:
                                   ------------------------------------------
                                    Name:
                                    Title:

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date: March __, 2004            JPMORGAN CHASE BANK, not in its individual
                                capacity but solely as Indenture Trustee

                                By:
                                   -------------------------------------------
                                   Authorized Officer


                                     A-2-3
<PAGE>
                                [REVERSE OF NOTE]

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 1.40% Asset Backed Notes (herein called the "Class
A-2 Notes"), all issued under an Indenture dated as of March 1, 2004 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee," which term includes any successor Indenture Trustee under the
Indenture) to which the Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended, will
have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (together, the "Notes") are and will be
secured by the collateral pledged as security therefor as provided in the
Indenture.

            Principal of the Class A-2 Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the 12th day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing April 12, 2004. The term
"Distribution Date," will be deemed to include the Final Scheduled Distribution
Date.

            As described above, the entire unpaid principal amount of this Note
will be due and payable on the earlier of the Final Scheduled Distribution Date
and the Redemption Date, if any, pursuant to the Indenture. As described above,
a portion of the unpaid principal balance of this Note will be due and payable
on each Distribution Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes will be due and payable on the date on which an
Event of Default has occurred and is continuing and the Indenture Trustee has
declared the Notes to be immediately due and payable or the Notes have
automatically become due and payable, in each case, in the manner provided in
the Indenture. All principal payments on the Class A-2 Notes will be made pro
rata to the Class A-2 Noteholders entitled thereto.

            Payments of interest and principal on this Note on each Distribution
Date will be made by check mailed to the Person whose name appears as the Holder
of this Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date or by wire transfer in immediately
available funds pursuant to the terms of the Indenture. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by
any payments made on any Distribution Date will be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Holder hereof as of the Record
Date preceding such Distribution Date by notice mailed prior to such
Distribution Date and the amount then due and payable will be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal


                                     A-2-4
<PAGE>
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in New York, New York.

            The Issuer will pay interest on overdue installments of interest at
the Class A-2 Interest Rate to the extent lawful.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Indenture Trustee may require, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent,
officer, director or employee of the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Depositor,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary will be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity, and (ii) to treat
the Notes as indebtedness for purposes of federal income, state and local income
and franchise and any other income taxes.

            Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insurer and any agent of the
Issuer, the Indenture Trustee or the Insurer may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Indenture
Trustee, the Insurer nor any such agent will be affected by notice to the
contrary.


                                     A-2-5
<PAGE>
            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) will be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

            The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

            The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

            The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

            This Note and the Indenture will be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder will be determined in accordance with such laws.

            No reference herein to the Indenture and no provision of this Note
or of the Indenture will alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Wilmington Trust Company in its
individual capacity, any owner of a beneficial interest in the Issuer, nor any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns will be personally liable for, nor will
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
for the sole purposes of binding the assets of the Issuer. The Holder of this
Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder will have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein will be
taken to prevent recourse to, and enforcement


                                     A-2-6
<PAGE>
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                            [statement of insurance]


                                     A-2-7
<PAGE>
                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                          (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                          (1)
     --------------------------      -------------------------------
                                     Signature Guaranteed:

-------------------------------      --------------------------------

-----------
(1)   NOTE: The signature to this assignment must correspond with the name of
      the registered owner as it appears on the face of the within Note in every
      particular, without alteration, enlargement or any change whatsoever.


                                     A-2-8
<PAGE>
                                                                     EXHIBIT A-3

REGISTERED                                                          $110,000,000

No. RB-A-3

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                             CUSIP NO. 89578SAG8

            Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

            NO TRANSFER OF THIS NOTE WILL BE PERMITTED TO BE MADE TO ANY PERSON
UNLESS THE INDENTURE TRUSTEE HAS RECEIVED A CERTIFICATE FROM SUCH TRANSFEREE TO
THE EFFECT THAT EITHER (I) THE TRANSFEREE IS NOT AND IS NOT ACTING ON BEHALF OF
OR INVESTING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA")) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A "PLAN"
(AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE ASSETS OF A PLAN DESCRIBED IN
(A) OR (B) ABOVE BY REASON OF SUCH PLAN'S INVESTMENT IN THE ENTITY (INCLUDING,
WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT) OR (II) THE
TRANSFEREE'S ACQUISITION AND CONTINUED HOLDING OF THIS NOTE WILL BE ELIGIBLE
FOR, AND SATISFY ALL REQUIREMENTS OF, A DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION. EACH TRANSFEREE OF A BENEFICIAL INTEREST IN THIS
NOTE WILL BE DEEMED TO HAVE MADE ONE OF THE FOREGOING REPRESENTATIONS.

            THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                    TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                        CLASS A-3 1.90% ASSET BACKED NOTE


                                     A-3-1
<PAGE>
            Triad Automobile Receivables Trust 2004-A, a Delaware statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of ONE HUNDRED TEN MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $110,000,000
and the denominator of which is $110,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-3 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note will be due and payable on July 14, 2008
(the "Final Scheduled Distribution Date"). The Issuer will pay interest on this
Note at the rate per annum shown above on each Distribution Date until the
principal of this Note is paid or made available for payment. Interest on this
Note will accrue for each Distribution Date from and including the twelfth day
of the prior calendar month (or in the case of the first Distribution Date, from
and including the Closing Date) to, but excluding, the twelfth day of the
calendar month in which such Distribution Date occurs. Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months. Such
principal of and interest on this Note will be paid in the manner specified on
the reverse hereof.

            The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note will be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

            The Class A Notes are entitled to the benefits of a financial
guaranty insurance policy (the "Note Policy") issued by Ambac Assurance
Corporation (the "Insurer"), pursuant to which the Insurer has unconditionally
guaranteed payments of Scheduled Payments with respect to each Distribution
Date, all as more fully set forth in the Note Policy, the Indenture and the Sale
and Servicing Agreement.

            Reference is made to the further provisions of this Note set forth
on the reverse hereof, which will have the same effect as though fully set forth
on the face of this Note.

            Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
will not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.


                                     A-3-2
<PAGE>
            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                   TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                                   By: WILMINGTON TRUST COMPANY, not in its
                                       individual capacity but solely as
                                       Owner Trustee of the Trust

                                   By:
                                      ---------------------------------------

                                       Name:

                                       Title:

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date: March __, 2004               JPMORGAN CHASE BANK, not in its individual
                                   capacity but solely as Indenture Trustee

                                   By:
                                      ------------------------------------------

                                      Authorized Officer
<PAGE>
                                [REVERSE OF NOTE]

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 1.90% Asset Backed Notes (herein called the "Class
A-3 Notes"), all issued under an Indenture dated as of March 1, 2004 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee," which term includes any successor Indenture Trustee under the
Indenture) to which the Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended, will
have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (together, the "Notes") are and will be
secured by the collateral pledged as security therefor as provided in the
Indenture.

            Principal of the Class A-3 Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the 12th day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing April 12, 2004. The term
"Distribution Date," will be deemed to include the Final Scheduled Distribution
Date.

            As described above, the entire unpaid principal amount of this Note
will be due and payable on the earlier of the Final Scheduled Distribution Date
and the Redemption Date, if any, pursuant to the Indenture. As described above,
a portion of the unpaid principal balance of this Note will be due and payable
on each Distribution Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes will be due and payable on the date on which an
Event of Default has occurred and is continuing and the Indenture Trustee has
declared the Notes to be immediately due and payable or the Notes have
automatically become due and payable, in each case, in the manner provided in
the Indenture. All principal payments on the Class A-3 Notes will be made pro
rata to the Class A-3 Noteholders entitled thereto.

            Payments of interest and principal on this Note on each Distribution
Date will be made by check mailed to the Person whose name appears as the Holder
of this Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date or by wire transfer in immediately
available funds pursuant to the terms of the Indenture. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by
any payments made on any Distribution Date will be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Holder hereof as of the Record
Date preceding such Distribution Date by notice mailed prior to such
Distribution Date and the amount then due and payable will be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
<PAGE>
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in New York, New York.

            The Issuer will pay interest on overdue installments of interest at
the Class A-3 Interest Rate to the extent lawful.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note will be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Indenture Trustee may require, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent,
officer, director or employee of the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Depositor,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary will be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity, and (ii) to treat
the Notes as indebtedness for purposes of federal income, state and local income
and franchise and any other income taxes.

            Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insurer and any agent of the
Issuer, the Indenture Trustee or the Insurer may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Indenture
Trustee, the Insurer nor any such agent will be affected by notice to the
contrary.


                                     A-3-5
<PAGE>
            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) will be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

            The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

            The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

            The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

            This Note and the Indenture will be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder will be determined in accordance with such laws.

            No reference herein to the Indenture and no provision of this Note
or of the Indenture will alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Wilmington Trust Company in its
individual capacity, any owner of a beneficial interest in the Issuer, nor any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns will be personally liable for, nor will
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
for the sole purposes of binding the assets of the Issuer. The Holder of this
Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder will have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein will be
taken to prevent recourse to, and enforcement


                                     A-3-6
<PAGE>
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                            [statement of insurance]


                                     A-3-7
<PAGE>
                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                                (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                         (1)
     -------------------------      --------------------------------

                                    Signature Guaranteed:

------------------------------      ---------------------------------


----------
(1)   NOTE: The signature to this assignment must correspond with the name of
      the registered owner as it appears on the face of the within Note in every
      particular, without alteration, enlargement or any change whatsoever.


                                     A-3-8
<PAGE>
                                                                     EXHIBIT A-4

REGISTERED                                                          $208,250,000

No. RB-A-4

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                             CUSIP NO. 89578SAH6

            Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer or its
agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

            NO TRANSFER OF THIS NOTE WILL BE PERMITTED TO BE MADE TO ANY PERSON
UNLESS THE INDENTURE TRUSTEE HAS RECEIVED A CERTIFICATE FROM SUCH TRANSFEREE TO
THE EFFECT THAT EITHER (I) THE TRANSFEREE IS NOT AND IS NOT ACTING ON BEHALF OF
OR INVESTING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA")) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A "PLAN"
(AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE ASSETS OF A PLAN DESCRIBED IN
(A) OR (B) ABOVE BY REASON OF SUCH PLAN'S INVESTMENT IN THE ENTITY (INCLUDING,
WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT) OR (II) THE
TRANSFEREE'S ACQUISITION AND CONTINUED HOLDING OF THIS NOTE WILL BE ELIGIBLE
FOR, AND SATISFY ALL REQUIREMENTS OF, A DEPARTMENT OF LABOR PROHIBITED
TRANSACTION CLASS EXEMPTION. EACH TRANSFEREE OF A BENEFICIAL INTEREST IN THIS
NOTE WILL BE DEEMED TO HAVE MADE ONE OF THE FOREGOING REPRESENTATIONS.

            THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                    TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                        CLASS A-4 2.50% ASSET BACKED NOTE


                                     A-4-1
<PAGE>
            Triad Automobile Receivables Trust 2004-A, a Delaware statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of TWO HUNDRED EIGHT MILLION TWO
HUNDRED FIFTY THOUSAND DOLLARS payable on each Distribution Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of
which is $208,250,000 and the denominator of which is $208,250,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class A-4 Notes pursuant to the Indenture; provided,
however, that the entire unpaid principal amount of this Note will be due and
payable on September 13, 2010 (the "Final Scheduled Distribution Date"). The
Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Distribution Date from and
including the twelfth day of the prior calendar month (or in the case of the
first Distribution Date, from and including the Closing Date) to, but excluding,
the twelfth day of the calendar month in which such Distribution Date occurs.
Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Such principal of and interest on this Note will be paid in the
manner specified on the reverse hereof.

            The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note will be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

            The Class A Notes are entitled to the benefits of a financial
guaranty insurance policy (the "Note Policy") issued by Ambac Assurance
Corporation (the "Insurer"), pursuant to which the Insurer has unconditionally
guaranteed payments of Scheduled Payments with respect to each Distribution
Date, all as more fully set forth in the Note Policy, the Indenture and the Sale
and Servicing Agreement.

            Reference is made to the further provisions of this Note set forth
on the reverse hereof, which will have the same effect as though fully set forth
on the face of this Note.

            Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
will not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.


                                     A-4-2
<PAGE>
            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                      TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                                      By: WILMINGTON TRUST COMPANY, not in its
                                          individual capacity but solely as
                                          Owner Trustee of the Trust

                                      By:
                                         --------------------------------------
                                          Name:
                                          Title:

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:  March __, 2004                 JPMORGAN CHASE BANK, not in its individual
                                      capacity but solely as Indenture Trustee

                                      By:
                                         --------------------------------------
                                          Authorized Officer
<PAGE>
                                [REVERSE OF NOTE]

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 2.50% Asset Backed Notes (herein called the "Class
A-4 Notes"), all issued under an Indenture dated as of March 1, 2004 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee," which term includes any successor Indenture Trustee under the
Indenture) to which the Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended, will
have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (together, the "Notes") are and will be
secured by the collateral pledged as security therefor as provided in the
Indenture.

            Principal of the Class A-4 Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the 12th day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing April 12, 2004. The term
"Distribution Date," will be deemed to include the Final Scheduled Distribution
Date.

            As described above, the entire unpaid principal amount of this Note
will be due and payable on the earlier of the Final Scheduled Distribution Date
and the Redemption Date, if any, pursuant to the Indenture. As described above,
a portion of the unpaid principal balance of this Note will be due and payable
on each Distribution Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes will be due and payable on the date on which an
Event of Default has occurred and is continuing and the Indenture Trustee has
declared the Notes to be immediately due and payable or the Notes have
automatically become due and payable, in each case, in the manner provided in
the Indenture. All principal payments on the Class A-4 Notes will be made pro
rata to the Class A-4 Noteholders entitled thereto.

            Payments of interest and principal on this Note on each Distribution
Date will be made by check mailed to the Person whose name appears as the Holder
of this Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date or by wire transfer in immediately
available funds pursuant to the terms of the Indenture. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by
any payments made on any Distribution Date will be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Holder hereof as of the Record
Date preceding such Distribution Date by notice mailed prior to such
Distribution Date and the amount then due and payable will be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal


                                     A-4-4
<PAGE>
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in New York, New York.

            The Issuer will pay interest on overdue installments of interest at
the Class A-4 Interest Rate to the extent lawful.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Indenture Trustee may require, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent,
officer, director or employee of the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Depositor,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary will be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity, and (ii) to treat
the Notes as indebtedness for purposes of federal income, state and local income
and franchise and any other income taxes.

            Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insurer and any agent of the
Issuer, the Indenture Trustee or the Insurer may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Indenture
Trustee, the Insurer nor any such agent will be affected by notice to the
contrary.


                                     A-4-5
<PAGE>
            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) will be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

            The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

            The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

            The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

            This Note and the Indenture will be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder will be determined in accordance with such laws.

            No reference herein to the Indenture and no provision of this Note
or of the Indenture will alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Wilmington Trust Company in its
individual capacity, any owner of a beneficial interest in the Issuer, nor any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns will be personally liable for, nor will
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
for the sole purposes of binding the assets of the Issuer. The Holder of this
Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder will have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein will be
taken to prevent recourse to, and enforcement


                                     A-4-6
<PAGE>
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                            [statement of insurance]


                                     A-4-7
<PAGE>
                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                         (1)
     -------------------------      ----------------------------------------
                                    Signature Guaranteed:

-------------------------------     -----------------------------------------

-------------
(1)   NOTE: The signature to this assignment must correspond with the name of
      the registered owner as it appears on the face of the within Note in every
      particular, without alteration, enlargement or any change whatsoever.


                                     A-4-8
<PAGE>
                                                                       EXHIBIT B

REGISTERED                                                           $66,295,272

No. RB-B

                       SEE REVERSE FOR CERTAIN DEFINITIONS

            THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE APPLICABLE
SECURITIES LAWS OF ANY STATE. ACCORDINGLY, TRANSFER OF THIS NOTE IS SUBJECT TO
CERTAIN RESTRICTIONS SET FORTH IN SECTION 2.4 OF THE INDENTURE. BY ITS
ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE HAS REPRESENTED TO THE ISSUER
AND THE INDENTURE TRUSTEE THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS NOTE FOR ITS
OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS).

            NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY
PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE
STATE SECURITIES LAWS OR IS EXEMPT FROM THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT AND SUCH STATE SECURITIES LAWS, (II) SO LONG AS THIS NOTE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE,
PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO THE TRANSFEROR REASONABLY
BELIEVES AFTER DUE INQUIRY IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN
RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS
A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL
BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, OR (III) SUCH SALE, PLEDGE OR OTHER TRANSFER IS
OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE WILL REQUIRE THAT BOTH
THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE
INDENTURE TRUSTEE AND THE ISSUER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER,
WHICH CERTIFICATION WILL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE
TRUSTEE AND THE ISSUER, AND (B) THE INDENTURE TRUSTEE MAY REQUIRE A WRITTEN
OPINION OF COUNSEL (WHICH WILL NOT BE AT THE EXPENSE OF THE ISSUER OR THE
INDENTURE TRUSTEE) SATISFACTORY TO THE ISSUER AND THE INDENTURE TRUSTEE TO THE
EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT. NO SALE, PLEDGE
OR OTHER TRANSFER MAY BE MADE TO ANY ONE PERSON FOR NOTES WITH A FACE AMOUNT OF
LESS THAN $100,000 AND, IN THE CASE OF ANY PERSON ACTING ON


                                      B-1
<PAGE>
BEHALF OF ONE OR MORE THIRD PARTIES (OTHER THAN A BANK (AS DEFINED IN SECTION
3(A)(2) OF THE SECURITIES ACT) ACTING IN ITS FIDUCIARY CAPACITY), FOR NOTES WITH
A FACE AMOUNT OF LESS THAN $100,000, FOR EACH SUCH THIRD PARTY.

            NO TRANSFER OF THIS NOTE WILL BE PERMITTED TO BE MADE TO ANY PERSON
UNLESS THE INDENTURE TRUSTEE HAS RECEIVED A CERTIFICATE FROM SUCH TRANSFEREE TO
THE EFFECT THAT THE TRANSFEREE IS NOT AND IS NOT ACTING ON BEHALF OF OR
INVESTING THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA")) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A "PLAN"
(AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN
ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF A PLAN DESCRIBED IN (A) OR (B)
ABOVE BY REASON OF SUCH PLAN'S INVESTMENT IN THE ENTITY (INCLUDING, WITHOUT
LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT). EACH TRANSFEREE OF A
BENEFICIAL INTEREST IN THIS NOTE WILL BE DEEMED TO HAVE MADE THE FOREGOING
REPRESENTATION.

            THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

            THE CLASS B NOTES ARE SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS
A NOTES, AS SET FORTH MORE FULLY IN THE INDENTURE AND THE SALE AND SERVICING
AGREEMENT.

                    TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                         CLASS B 8.00% ASSET BACKED NOTE

            Triad Automobile Receivables Trust 2004-A, a Delaware statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to
[__________], or registered assigns, the principal sum of SIXTY-SIX MILLION TWO
HUNDRED THOUSAND TWO HUNDRED SEVENTY-TWO DOLLARS AND THIRTY CENTS payable on
each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $66,295,272 and the denominator of
which is $66,295,272 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class B Notes pursuant to
the Indenture; provided, however, that the entire unpaid principal amount of
this Note will be due and payable on December 13, 2010 (the "Final Scheduled
Distribution Date"). The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment. Interest on this Note will accrue for each
Distribution Date from and including the twelfth day of the prior calendar month
(or in the case of the first Distribution Date, from and including the Closing
Date) to, but excluding, the twelfth


                                      B-2
<PAGE>
day of the calendar month in which such Distribution Date occurs. Interest will
be computed on the basis of a 360-day year consisting of twelve 30-day months.
Such principal of and interest on this Note will be paid in the manner specified
on the reverse hereof.

            The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note will be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

            Reference is made to the further provisions of this Note set forth
on the reverse hereof, which will have the same effect as though fully set forth
on the face of this Note.

            Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
will not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.


                                      B-3
<PAGE>
            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                    TRIAD AUTOMOBILE RECEIVABLES TRUST 2004-A

                                    By: WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as
                                        Owner Trustee of the Trust

                                    By:
                                       ----------------------------------------
                                        Name:
                                        Title:

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date: March __, 2004                JPMORGAN CHASE BANK, not in its individual
                                    capacity but solely as Indenture Trustee

                                    By:
                                       ----------------------------------------
                                       Authorized Officer


                                      B-4
<PAGE>
                                [REVERSE OF NOTE]

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class B 8.00% Asset Backed Notes (herein called the "Class B
Notes"), all issued under an Indenture dated as of March 1, 2004 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, as Indenture Trustee (the "Indenture
Trustee," which term includes any successor Indenture Trustee under the
Indenture) to which the Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended, will
have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B Notes (together, the "Notes") are and will be
secured by the collateral pledged as security therefor as provided in the
Indenture.

            Principal of the Class B Notes will be payable on each Distribution
Date in an amount described on the face hereof. "Distribution Date" means the
12th day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing April 12, 2004. The term "Distribution
Date," will be deemed to include the Final Scheduled Distribution Date.

            As described above, the entire unpaid principal amount of this Note
will be due and payable on the earlier of the Final Scheduled Distribution Date
and the Redemption Date, if any, pursuant to the Indenture. As described above,
a portion of the unpaid principal balance of this Note will be due and payable
on each Distribution Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes will be due and payable on the date on which an
Event of Default has occurred and is continuing and the Indenture Trustee has
declared the Notes to be immediately due and payable or the Notes have
automatically become due and payable, in each case, in the manner provided in
the Indenture All principal payments on the Class B Notes will be made pro rata
to the Class B Noteholders entitled thereto.

            Payments of interest and principal on this Note on each Distribution
Date will be made by check mailed to the Person whose name appears as the Holder
of this Note (or one or more Predecessor Notes) on the Note Register as of the
close of business on each Record Date or by wire transfer in immediately
available funds pursuant to the terms of the Indenture. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) effected by
any payments made on any Distribution Date will be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in
full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Holder hereof as of the Record
Date preceding such Distribution Date by notice mailed prior to such
Distribution Date and the amount then due and payable will be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal


                                      B-5
<PAGE>
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in New York, New York.

            The Issuer will pay interest on overdue installments of interest at
the Class B Interest Rate to the extent lawful.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Indenture Trustee may require, and thereupon one or more new
Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

            Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i)
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent,
officer, director or employee of the Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Depositor,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary will be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity, and (ii) to treat
the Notes as indebtedness for purposes of federal income, state and local income
and franchise and any other income taxes.

            Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and the Insurer and any agent of the
Issuer, the Indenture Trustee or the Insurer may treat the Person in whose name
this Note (as of the day of determination or as of such other date as may be
specified in the Indenture) is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and neither the Issuer, the Indenture
Trustee, the Insurer nor any such agent will be affected by notice to the
contrary.


                                      B-6
<PAGE>
            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) will be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

            The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

            The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

            The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

            This Note and the Indenture will be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder will be determined in accordance with such laws.

            No reference herein to the Indenture and no provision of this Note
or of the Indenture will alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency herein prescribed.

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Wilmington Trust Company in its
individual capacity, any owner of a beneficial interest in the Issuer, nor any
of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns will be personally liable for, nor will
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
for the sole purposes of binding the assets of the Issuer. The Holder of this
Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Holder will have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein will be
taken to prevent recourse to, and enforcement


                                      B-7
<PAGE>
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.


                                      B-8
<PAGE>
                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                          (1)
     --------------------------      ------------------------------------------
                                     Signature Guaranteed:

--------------------------------     -------------------------------------------


----------
(1)   NOTE: The signature to this assignment must correspond with the name of
      the registered owner as it appears on the face of the within Note in every
      particular, without alteration, enlargement or any change whatsoever.


                                      B-9
<PAGE>
                                                                       EXHIBIT C
                  [FORM OF CERTIFICATE AS TO INITIAL PURCHASE]

                                     [date]

Triad Automobile Receivables Trust 2004-A
c/o Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington Delaware 19890-0001
Attention:  Corporate Trust Administration

JPMorgan Chase Bank
4 New York Plaza, 6th floor
New York, New York 10004-2477
Attention:  Institutional Trust Services-
            Triad Auto Trust 2004-A

             Re:      Triad Automobile Receivables Trust 2004-A
                      Asset Backed Notes, Class B

             Dear Sirs:

            In connection with the proposed purchase by the buyer listed below
(the "Buyer") of the above-referenced Notes (the "Notes") issued pursuant to the
Indenture dated as of March 1, 2004 (the "Indenture") between Triad Automobile
Receivables Trust 2004-A, as Issuer (the "Issuer"), and JPMorgan Chase Bank, as
Indenture Trustee (the "Indenture Trustee"), relating to the Triad Automobile
Receivables Trust 2004-A Asset Backed Notes, the Buyer advises you as follows:

                        (i)   it (a) has such knowledge and experience in
                              financial and business matters that it is capable
                              of evaluating the merits and risks of its
                              investment in the Notes and is able to bear the
                              economic risks of such investment; (b) is a
                              "qualified institutional buyer" as that term is
                              defined in Rule 144A under the Securities Act of
                              1933, as amended, and is acquiring beneficial
                              ownership of the Notes for its own account or for
                              the account of another "qualified institutional
                              buyer"; (c) satisfies the requirements of
                              paragraph (a)(2)(ii) of Rule 3a-7 under the
                              Investment Company Act of 1940, as amended, and
                              (d) understands that the Issuer and the Indenture
                              Trustee are relying on such representations in
                              connection with the issuance of the Notes;

                        (ii)  it has reviewed the Prospectus (including the
                              section captioned "Risk Factors" therein) and such
                              other materials and


                                      C-1
<PAGE>
                              information with respect to the Notes, the Issuer
                              and Triad Financial Corporation (the "Originator")
                              as it deems necessary and has been afforded the
                              opportunity to make inquiry of the Issuer and the
                              Originator and to receive answers, and has
                              received all information requested;

                        (iii) it understands that the Notes have not been
                              registered or qualified under the 1933 Act or the
                              securities laws of any state;

                        (iv)  it has not distributed the Prospectus Supplement
                              or any other materials relating to the Notes to
                              anyone other than its counsel or other advisor,
                              and no one other than such counsel or advisor has
                              used its copies of such documents; and

                        (v)   it is not, and is not acting on behalf of or
                              investing the assets of, (x) an employee benefit
                              plan (as defined in Section 3(3) of the Employee
                              Retirement Income Security Act of 1974, as amended
                              ("ERISA")) that is subject to the provisions of
                              Title I of ERISA, (y) a plan (as defined in
                              Section 4975(e)(1) of the Internal Revenue Code of
                              1986, as amended (the "Code") that is subject to
                              Section 4975 of the Code or (z) an entity whose
                              underlying assets include assets of a plan
                              described in (x) or (y) above by reason of such
                              plan's investment in the entity (including,
                              without limitation, an insurance company general
                              account).

                              Very truly yours,

                              [BUYER]

                              By:
                                 ---------------------------------------------

                              Name:

                              Title:


                                      C-2
<PAGE>
                                                                       EXHIBIT D

       [FORM OF "QUALIFIED INSTITUTIONAL BUYER" TRANSFEREE'S CERTIFICATE]

                                     [date]

Triad Automobile Receivables Trust 2004-A
c/o Wilmington Trust Company, as Owner Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890-0001
Attention:  Corporate Trust Administration

JPMorgan Chase Bank
4 New York Plaza, 6th Floor
New York, New York  10004
Attention:  Institutional Trust Services-
            Triad Auto Trust 2004-A

Re:         Triad Automobile Receivables Trust 2004-A
            Asset Backed Notes, Class B

Dear Sirs:

            In connection with the proposed purchase by the buyer listed below
(the "Buyer") of the above-referenced Notes (the "Notes") issued pursuant to the
Indenture dated as of March 1, 2004 (the "Indenture") between Triad Automobile
Receivables Trust 2004-A (the "Issuer") and JPMorgan Chase Bank, as Indenture
Trustee (the "Indenture Trustee"), relating to Triad Automobile Receivables
Trust 2004-A Asset Backed Notes, the Buyer advises you as follows: (i) the Buyer
is a "qualified institutional buyer" as that term is defined in Rule 144A under
the Securities Act of 1933, as amended (the "1933 Act") and is acquiring
beneficial ownership of the Notes for its own account or for the account of
another "qualified institutional buyer"; and (ii) the Buyer satisfies the
requirements of paragraph (a)(2)(ii) of Rule 3a-7 under the Investment Company
Act of 1940, as amended (the "1940 Act"). In addition to the foregoing, you may
rely on the information provided in Annex 1 or 2, as applicable, attached hereto
and incorporated herein.

            The Buyer understands that the Notes have not been registered under
the 1933 Act or the securities laws of any state. The Buyer acknowledges that it
has independently conducted such investigation and evaluation of the merits and
the risks involved in an investment in the Notes and has received such
information (whether from the Issuer, Triad Financial Special Purpose LLC, the
transferor from which it proposes to purchase Notes, or from any other source)
as the Buyer has deemed necessary and advisable in order to make its investment
decision. The Buyer has had any questions arising from such investigation and
evaluation answered by the Issuer to the satisfaction of the Buyer. The Buyer is
a sophisticated institutional investor, having such knowledge and experience in
financial and business matters generally, and with respect to asset-backed notes
and investments in "non-prime" and "sub-prime" automobile loans specifically,
that it is capable of independently evaluating the merits and risks of
investment in the Notes. In the normal course of its business, the Buyer invests
in or purchases notes similar to


                                      D-1
<PAGE>
the Notes. The Buyer is aware that it may be required to bear the economic risk
of an investment in the Notes for an indefinite period of time, and it is able
to bear such risk for an indefinite period.

                                     Very truly yours,

                                     [BUYER]

                                     By:
                                          -------------------------------------
                                     Name:
                                     Title:

                                     Taxpayer ID:
                                                 ------------------------------

                                     Name in which
                                     Note is
                                     to be Registered:
                                                      -------------------------

                                     Address for Notices
                                                                  -------------

                                       -----------------

                                       -----------------

                                     Payment Instructions
                                                         ----------------------


                                      D-2
<PAGE>
                                                            ANNEX 1 TO EXHIBIT D

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

            The undersigned hereby certifies as follows to the parties listed in
the "Qualified Institutional Buyer" Transferee's Certificate to which this
certification relates with respect to the Rule 144A Securities described
therein:

            1. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

            2. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis $_____________(1) in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.

      ____  Corporation, etc. The Buyer is a corporation (other than a bank,
            savings and loan association or similar institution), Massachusetts
            or similar business trust, partnership, or charitable organization
            described in Section 501(c)(3) of the Internal Revenue Code of 1986,
            as amended.

      ____  Bank. The Buyer (a) is a national bank or banking institution
            organized under the laws of any State, territory or the District of
            Columbia, the business of which is substantially confined to banking
            and is supervised by the State or territorial banking commission or
            similar official or is a foreign bank or equivalent institution, and
            (b) has an audited net worth of at least $25,000,000 as demonstrated
            in its latest annual financial statements, a copy of which is
            attached hereto.

      ____  Savings and Loan. The Buyer (a) is a savings and loan association,
            building and loan association, cooperative bank, homestead
            association or similar institution, which is supervised and examined
            by a State or Federal authority having supervision over any such
            institutions or is a foreign savings and loan association or
            equivalent institution and (b) has an audited net worth of at least
            $25,000,000

-----------
(1) Buyer must own and/or invest on a discretionary basis at least $100,000,000
in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.


                                      D-3
<PAGE>
            as demonstrated in its latest annual financial statements, a copy of
            which is attached hereto.

      ____  Broker-dealer. The Buyer is a dealer registered pursuant to Section
            15 of the Securities Exchange Act of 1934.

      ____  Insurance Company. The Buyer is an insurance company whose primary
            and predominant business activity is the writing of insurance or the
            reinsuring of risks underwritten by insurance companies and which is
            subject to supervision by the insurance commissioner or a similar
            official or agency of a State, territory or the District of
            Columbia.

      ____  State or Local Plan. The Buyer is a plan established and maintained
            by a State, its political subdivisions, or any agency or
            instrumentality of the State or its political subdivisions, for the
            benefit of its employees.

      ____  ERISA Plan. The Buyer is an employee benefit plan within the meaning
            of Title I of the Employee Retirement Income Security Act of 1974.

      ____  Investment Advisor. The Buyer is an investment advisor registered
            under the Investment Advisers Act of 1940.

      ____  Small Business Investment Company. Buyer is a small business
            investment company licensed by the U.S. Small Business
            Administration under Section 301(c) or (d) of the Small Business
            Investment Act of 1958.

      ____  Business Development Company. Buyer is a business development
            company as defined in Section 202(a)(22) of the Investment Advisors
            Act of 1940.

      ____  Trust Fund. The Buyer is a trust fund whose Indenture Trustee is a
            bank or trust company and whose participants are exclusively State
            or Local Plans or ERISA Plans as defined above, and no participant
            of the Buyer is an individual retirement account or an H.R. 10
            (Keogh) plan.

            3. The Buyer is not, and is not acting on behalf of or investing the
assets of, (a) an employee benefit plan (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA")) that is
subject to the provisions of Title I of ERISA, (b) a plan (as defined in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code") that is
subject to Section 4975 of the Code or (c) an entity whose underlying assets
include assets of a plan described in (a) or (b) above by reason of such plan's
investment in the entity (including, without limitation, an insurance company
general account).

            4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.


                                      D-4
<PAGE>
            5. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

            6. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the securities
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

            7. Until the date of purchase of the Rule 144A Securities, the Buyer
will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice is given,
the Buyer's purchase of Rule 144A Securities will constitute a reaffirmation of
this certification as of the date of such purchase. In addition, if the Buyer is
a Bank or Savings and Loan as provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                       -----------------------------------
                                       Print Name of Buyer

                                       By:
                                            ------------------------------
                                       Name:
                                       Title:

                                       Date:
                                            ------------------------------

                                      D-5
<PAGE>
                                                            ANNEX 2 TO EXHIBIT D

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers that are Registered Investment Companies]

            The undersigned hereby certifies as follows to the parties listed in
the "Qualified Institutional Buyer" Transferee's Certificate to which this
certification relates with respect to the Rule 144A Securities described
therein:

            1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A"), because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Buyer.

            2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used,
except (i) where the Buyer or the Buyer's Family of Investment Companies reports
its securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market.

      ____  The Buyer owned $________________ in securities (other than the
            excluded securities referred to below) as of the end of the Buyer's
            most recent fiscal year (such amount being calculated in accordance
            with Rule 144A).

      ____  The Buyer is part of a Family of Investment Companies which owned in
            the aggregate $__________ in securities (other than the excluded
            securities referred to below) as of the end of the Buyer's most
            recent fiscal year (such amount being calculated in accordance with
            Rule 144A).

            3. The Buyer is not, and is not acting on behalf of or investing the
assets of, (a) an employee benefit plan (as defined in Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA")) that is
subject to the provisions of Title I of ERISA, (b) a plan (as defined in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code") that is
subject to Section 4975 of the Code or (c) an entity whose underlying assets
include assets of a plan described in (a) or (b) above by reason of such plan's
investment in the entity (including, without limitation, an insurance company
general account).

            4. The term "Family of Investment Companies" as used herein means
two or more registered investment companies (or series thereof) that have the
same investment adviser


                                      D-6
<PAGE>
or investment advisers that are affiliated (by virtue of being majority owned
subsidiaries of the same parent or because one investment adviser is a majority
owned subsidiary of the other).

            5. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of deposit, (iii) loan participations, (iv) repurchase agreements, (v)
securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps.

            6. The Buyer is familiar with Rule 144A and understands that the
parties listed in the "Qualified Institutional Buyer" Transferee's Certificate
to which this certification relates are relying and will continue to rely on the
statements made herein because one or more sales to the Buyer will be in
reliance on Rule 144A. In addition, the Buyer will only purchase for the Buyer's
own account.

            7. Until the date of purchase of the Rule 144A Securities, the
undersigned will notify each of the parties to which this certification is made
of any changes in the information and conclusions herein. Until such notice is
given, the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification by the undersigned as of the date of such
purchase.

                                         ------------------------------------
                                         Print Name of Buyer or Adviser

                                         By:
                                              -------------------------------
                                         Name:
                                         Title:

                                         IF AN ADVISER:

                                         -------------------------------------
                                         Print Name of Buyer

                                         Date:
                                              --------------------------------


                                      D-7